XRP Price Surge Driven by Ripple’s New Partnership and ETF Approval Hopes

XRP has seen a notable 3% increase in its price on February 11, positioning it for its best intraday performance in over a week. The upward movement in XRP's price mirrors positive trends across the broader cryptocurrency market, but two key factors are driving the altcoin's surge today: Ripple’s new partnership with Unicâmbio and growing optimism about the potential approval of an XRP-specific exchange-traded fund (ETF).

Rising Hopes for XRP ETF Approval

XRP's price surge today is largely fueled by increasing speculation that the U.S. Securities and Exchange Commission (SEC) may approve XRP-based ETFs in the near future. On February 10, Bloomberg ETF analysts Eric Balchunas and James Seyffart highlighted XRP as one of the most likely cryptocurrencies to receive approval for an ETF filing from the SEC. According to their analysis, XRP has a 65% chance of approval, bolstering optimism within the crypto community.

Several asset managers, including CoinShares, Grayscale, 21Shares, Canary, and Bitwise, have already filed applications for XRP spot ETFs, signaling strong institutional interest in the cryptocurrency. If approved, XRP ETFs could become a powerful catalyst for the altcoin’s price, giving institutional investors easier access to XRP without directly purchasing the digital asset.

This has led to increased trading activity in XRP futures, with open interest rising by approximately $290 million over the past 24 hours. Additionally, XRP's funding rates—payments exchanged between long and short traders in perpetual futures contracts—turned positive. This shift suggests that traders are now willing to pay a premium for long positions, anticipating further price gains.

Ripple’s Partnership with Unicâmbio Fuels Optimism

Another significant catalyst for XRP's price rally is Ripple's new partnership with Portuguese currency exchange provider Unicâmbio. This collaboration will leverage Ripple’s payment platforms to enable instant and cost-effective cross-border payments between Portugal and Brazil. It marks Ripple’s first payment solution deployment in Portugal and highlights the company’s growing footprint in Europe, particularly as the region fosters a thriving crypto ecosystem.

Cassie Craddock, Managing Director of UK and Europe at Ripple, expressed her excitement about the partnership, stating, “Portugal has developed a thriving crypto ecosystem, so we are delighted to open up our payments solution to partners there.” The collaboration also underscores Ripple’s continued efforts to expand the adoption of blockchain technology in the global cross-border payments market.

By increasing the efficiency of cross-border settlements, Ripple aims to bolster its reputation and utility, which could further drive demand for XRP, especially as institutional partnerships continue to grow.

Analysts Project Major Price Gains for XRP

The recent price movement and developments surrounding XRP have led analysts to raise their price targets for the cryptocurrency. Dark Defender, a well-known anonymous crypto analyst, has set an intermediate cycle target of $5.85 for XRP, with a long-term target of $8.76 based on the Elliott Wave Theory. According to Dark Defender, XRP has nearly completed its consolidation phase, and a strong upward push could take the price to these levels.

"Wave 3 is preparing to fire the bullet against the $5.85 parapet. The short-term target is $5.85 and $8.76,” Dark Defender commented, referring to a potential breakout in the near future.

This bullish outlook follows the analyst's previous projections, which anticipated XRP's rise from the $0.40–$0.50 range earlier in 2023. Another analyst, CasiTrades, also echoed these sentiments, noting that XRP is currently in the fourth wave of its intermediate cycle. The analyst sees a potential C wave pushing XRP's price toward $2.92 in the short term. A breakout above the consolidation phase could lead to further gains.

In addition to these intermediate targets, Dark Defender has previously suggested that XRP could potentially reach as high as $18 in this market cycle, depending on broader market conditions and adoption.

The Future Outlook for XRP

XRP’s recent price gains, fueled by Ripple’s strategic partnership with Unicâmbio and growing anticipation of an XRP ETF approval, have sparked optimism within the crypto community. As institutional interest in XRP grows and the chances of regulatory clarity increase, many analysts believe that the cryptocurrency could see significant upside in the coming months.

Whether XRP can maintain its momentum and reach new highs will depend on the progression of key factors, including regulatory approval of ETFs, Ripple’s ongoing partnerships, and the broader crypto market sentiment. For now, XRP is in a favorable position to capitalize on these developments, and investors will be keeping a close eye on the market for any signs of further bullish trends.