A crypto analyst has projected a massive bull cycle for the XRP price amid spot ETF speculation and institutional demand. Recent bull predictions come as traders aim for a market recovery after weeks of severe selling pressure. Holders suggest that XRP is poised to lead the altcoin front ahead of the next quarter. The XRP price exchanged hands at $2.34, a 0.2% upward movement in the last 24 hours.
Will XRP Price Hit $8?
Crypto analyst Dark Defender wrote on X, tipping a bullish trajectory for XRP. According to the post, initial upticks can be seen in on-chain data as the first quarter closes. The third wave, which is expected this year, will range from $5.85 to $8.076, while the fifth wave will stretch further.
“When you zoom out, you can see a clear Bullish momentum for #XRP. There are ups & downs in smaller time frames, but the higher frames superseded smaller ones. 3rd Wave is targeting $5.85 towards $8.076. 5th Wave is expected to finish the move between $18.22 and $23.20. (Not Financial Advice),” he wrote.
This year, the XRP price crashed alongside the wider market, although recent volumes show signs of a recovery. A major factor in the massive $8 prediction is the anticipation for spot XRP ETFs in the United States. Following the announcement that the Securities and Exchange Commission (SEC) dropped the appeal against Ripple, optimism has spiked toward approval.
This week, the odds for approval on Polymarket hit 85%, with several analysts making similar projections. The approval of these products will usher new funds into the market as traditional firms increase their exposure. XRP traders collectively rest on Bitcoin soaring past multiple levels following spot ETF approvals last year.
Ripple Doubles Down on Partnerships
In addition to the spot ETF frenzy, XRP bulls’ confidence continues to spike due to recent global partnerships. Ripple’s effort to boost global cross-border payments has drawn institutional interest. Last year, increased demand spiked the XRP price above the $3 mark, with its market cap flipping USDT to become the third largest crypto asset.
In a related development, Ripple and Chipper Cash announced a partnership to support cross-border payments in Africa. This is a huge milestone for both firms unlocking new markets. Per the release, the move will make payments faster, cheaper, and more efficient.