XRP 
XRPUSD wiped out nearly 23% of its value in the past seven days and hovers around $2.42 on Feb. 7, down 3% over the last 24 hours.
Meanwhile, multiple spot XRP ETF applications and bullish technicals could see the altcoin rally into double-digits.
XRP ETFs gain major traction
XRP’s upside is supported by applications for XRP exchange-traded funds (ETFs) by leading asset managers, including 21Shares, Bitwise, Canary Capital, and WisdomTree.
According to a report by Cointelegraph, the firms have filed for spot XRP ETFs with the US Securities and Exchange Commission (SEC) through the Cboe BZX Exchange.
The 19b-4 filings inform the SEC of a proposed rule change and, if approved, would lead to the first XRP ETFs in the country.
These filings follow recent XRP ETFs filled by CoinShares and 21Shares, among others.
The filings coincide with a trend toward integrating cryptocurrencies into traditional investment vehicles following the SEC’s approval of Bitcoin and Ethereum ETFs.
The approval of a spot XRP ETF should improve liquidity as ETFs would provide a regulated pathway for institutional investors to gain exposure without direct crypto ownership.
This could increase demand for XRP, increasing its price due to the influx of institutional capital and broader market participation.
JPMorgan said last month that it believes spot XRP ETFs could attract between $4 billion to $8 billion in net new assets within the first 12 months of launch, potentially driving its price toward or beyond the $5-$8 range.
Hopes for a spot XRP ETF approval emerged after US President Donald Trump assumed office on Jan. 20, with most analysts expecting major regulatory changes that will likely benefit the crypto industry across the board.
Analysts see double-digit XRP prices ahead
With XRP below $3, analysts say that XRP price could see a trend reversal from the current sell-off with a target of $27 and above.
XRP price may see a “1,500% pump” into double digits within four weeks, according to popular market analyst Egrag Crypto.
In his latest analysis, he used the Bull Market Support Band (BMSB), a moving average support band that is used to tell whether the market is in a determining whether we’re in a bull run or a bear cycle.
XRP price is above the BMSB, suggesting the market is still bullish.
This mirrors a 2017 fractal when the XRP price touched the Purple Foundation and nearly hit the BMSB, leading to an incredible 1500% surge in just 4 weeks. This rally targeted the 1.618 Fibonacci extension level from the cycle low.
Currently, XRP has dipped to the Purple Foundation of this cycle and made contact with the BMSB, as shown in the chart below.
If history repeats itself, the analyst says it may result in 1500% gains over the next four weeks, as in 2017.
“The measurement starts from $1.71, and if this prediction holds, it would land around Fib 1.618 at $27!”
Fellow analyst Javon Marks echoes this, saying that XRP’s current technical setup is “shaping up extremely similar to 2017.”
Marks explained that in 2017, the price consolidated below its previous all-time high before recovering and breaking out to the second target of the triangle, which at the time was $1.27.
If the 2017 scenario is repeated, a breakout could see the price rally toward the second triangle at $99, representing an over 3,900% uptick from current levels.
“XRP’s current second target is at $99, over 3,900% away, which is more than 40X from here, and based on past performance, the next wave can be massive towards, eventually leading to not only the meeting of it but also the breaking above”
While these are very ambitious targets, other analysts have set more conservative predictions for XRP.
Based on Elliott Wave Theory, crypto analyst Dark Defender predicts XRP could hit $5.85 in the short term and $18.22 in the long run.
Meanwhile, Credibull Crypto sees XRP dropping between another 30-45% in the coming weeks toward the $1.60-1.30 area, which could act as a strong demand zone, with buyers likely stepping in.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.