XRP has surged 3% on 11 February, marking its best intraday performance in over a week. The cryptocurrency’s gains come as speculation grows over the potential approval of an XRP exchange-traded fund (ETF) in the United States, alongside Ripple’s new partnership with Unicâmbio.

XRP ETF Approval Odds Increase

XRP’s price has been buoyed by increasing optimism regarding the likelihood of an ETF approval by the US Securities and Exchange Commission (SEC). On 10 February, Bloomberg ETF analysts Eric Balchunas and James Seyffart placed XRP among the cryptocurrencies with a high probability of ETF approval.

Their latest assessment gives XRP ETFs a 65% chance of being greenlit by the SEC. Several asset managers, including CoinShares, Grayscale, 21Shares, Canary, and Bitwise, have already filed applications for XRP spot ETFs, reflecting strong institutional interest. However, the SEC has yet to acknowledge these filings.

If approved, XRP ETFs could generate significant market interest. The derivatives market reflects this anticipation, with open interest in XRP futures rising by approximately $290 million over the last 24 hours. Additionally, XRP’s funding rates—periodic payments exchanged between long and short traders in perpetual futures contracts—have turned positive, indicating traders are paying to take long positions in anticipation of further price increases.

Ripple’s Strategic Partnership with Unicâmbio

Adding to the bullish momentum, Ripple has announced a partnership with Portuguese currency exchange provider Unicâmbio to facilitate instant cross-border payments between Portugal and Brazil.

This collaboration will leverage Ripple’s payment platforms to offer faster and more cost-effective cross-border settlements. The move is set to enhance efficiency in international transactions and marks Ripple’s first payment solution in Portugal, further expanding the company’s presence in Europe.

Cassie Craddock, Managing Director for the UK and Europe at Ripple, highlighted the significance of the partnership, stating, “Portugal has developed a thriving crypto ecosystem, so we are delighted to open up our payments solution to partners there.”

She added that as the global cross-border payments market continues to expand, institutions such as Unicâmbio are increasingly turning to blockchain technology to streamline transactions.

Analysts Predict Significant XRP Price Growth

In light of XRP’s recent price recovery, analysts have projected significant future gains for the altcoin.

Crypto analyst Dark Defender anticipates that XRP could reach an intermediate target of $5.85, followed by a long-term target of $8.76, based on Elliott Wave Theory analysis. The analyst first identified this structure in July 2023 when XRP was trading between $0.40 and $0.50.

“XRP has almost finalised the consolidation on the daily chart, as seen from the RSI lows. Wave 3 is preparing to push the price against the $5.85 resistance level,” Dark Defender explained.

Another analyst, CasiTrades, noted that XRP is currently in the fourth wave of its intermediate cycle on the hourly timeframe. The next move, an anticipated C wave, could drive the price to $2.92 if the market breaks above its current consolidation phase.

According to analysts, a recovery above the 50-day simple moving average (SMA) at $2.63 would confirm the return of a bullish market structure for XRP.

Market Outlook

XRP’s current upward trend is driven by both macroeconomic factors and institutional interest. While the possibility of ETF approval remains speculative, the increasing number of filings signals strong confidence in the altcoin’s long-term potential. Meanwhile, Ripple’s expansion into the European market through Unicâmbio strengthens its position as a key player in the cross-border payments industry.

If market conditions continue to align with analysts’ predictions, XRP could be on track for substantial gains in the coming months.