News View Non-AMP

XRP Price Poised for 10% Rally After Grayscale XRP Trust Announcement: Report

Published by
Zameer Attar

XRP price is poised for a significant rally, despite gaining 6% upside momentum in the past four hours. It’s all thanks to the asset management giant Grayscale. On September 12, 2024, the firm announced its latest single-asset crypto investment product, Grayscale XRP trust.

Grayscale’s XRP Trust Takes the Spotlight

This announcement on X (previously Twitter) went viral and attracted significant attention from the crypto community. This post garnered 350K impressions in less than two hours and the number is still rising rapidly.

With Grayscale’s latest investment product, investors will gain the exposure to tap into XRP, a token powering the XRP Ledger, a distributed, peer-to-peer network created to help cross-border financial transactions. 

Current Price Momentum

At press time, XRP is trading near $0.56 and has experienced a price surge of over 6% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 75% during the same period, indicating traders’ and investors’ bullish views following Grayscales’ announcement.

XRP Technical Analysis and Upcoming Levels

According to the expert technical analysis, XRP appears bullish after a week-long downturn, as it is now trading above the 200 Exponential Moving Average (EMA) on the daily time frame. However, the recent price surge has pushed XRP’s Relative Strength Index (RSI) into over-bought territory, suggesting a potential price reversal.

Based on the historical price momentum, XRP is facing strong resistance near the $0.58 level. If XRP’s daily candle closes above the $0.58 level, there is a high possibility it could soar by 10%  to the $0.632 level.

On-Chain Metrics: Bulls in Control

This bullish outlook is further supported by on-chain metrics. CoinGlass’s XRP long/short ratio currently stands at 1.0886, which indicates trader bullish market sentiment. Additionally, XRP’s future open interest has skyrocketed by 7.3%, suggesting that are increasingly betting on long positions.

Furthermore, Long/Short data shows that 52.12% of top XRP traders hold long positions, while 47.88% hold short positions.

Also Check Out: Shocking Twist in Binance Case: SEC Admits 10 Crypto Tokens Aren’t Securities!

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

Ripple CEO Sparks XRP Hype with Major XRPL Apex 2025 Announcement!

Ripple CEO Brad Garlinghouse has hinted at an exciting event set to take place in…

April 4, 2025

XRP vs. Bitcoin: Retail Investors Drive XRP’s Growth While BTC Stalls

A new report from Glassnode reveals an interesting shift in crypto investment trends. While Bitcoin…

April 4, 2025

Fartcoin Roars Back With 24% Surge: Eyes Locked On $1 As Momentum Builds.

Fartcoin (FART), the AI-backed memecoin cryptocurrency, blasted onto the scene with 24.5% price pop in…

April 4, 2025

Is First Digital Trust in Crisis? Justin Sun Exposes $100M Deficit

Tron founder Justin Sun has publicly accused First Digital Trust (FDT), a Hong Kong-based financial…

April 4, 2025

XRP Price Today: Can It Break Out or Will the Bearish Trend Continue?

The crypto market has been all over the place recently, and XRP is no exception.…

April 4, 2025

Top Altcoins to Watch in April 2025

Crypto markets had a wild week - prices jumped, dipped, and then bounced back, all…

April 4, 2025