XRP is currently trading 8% above its recent low of $2.26 amid rising speculation around a potential spot XRP ETF approval in the U.S. According to CoinsKid, the price action indicates a complex wave structure suggesting an impending correction but also hints at a possible parabolic move towards $8. While the analyst believes a surge to the 1.272 Fibonacci level of $8 is achievable, caution is advised as XRP enters a high-risk zone for price reversal. The anticipation of ETF approval is bolstered by reports from FOX Business, indicating that the SEC might acknowledge Grayscale’s XRP ETF filing soon. If approved, this ETF could potentially attract significant institutional investment, enhancing demand for XRP. As the regulatory landscape remains fluid, the outlook for an XRP ETF approval is increasingly optimistic, with possibilities of approval by Q2 2025.

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