XRP price is poised for a significant rally, despite gaining 6% upside momentum in the past four hours. This surge comes in the wake of a major announcement by asset management giant, Grayscale. On September 12, 2024, Grayscale unveiled its latest single-asset crypto investment product, the Grayscale XRP Trust.
Grayscale’s XRP Trust Takes the Spotlight
This announcement, shared on X (previously known as Twitter), went viral and captured the attention of the crypto community. The post amassed 350K impressions in less than two hours, and the engagement continues to rise rapidly.
With Grayscale’s latest investment product, investors now have the opportunity to gain exposure to XRP. This token powers the XRP Ledger, a distributed, peer-to-peer network designed to facilitate cross-border financial transactions efficiently.
Current Price Momentum
As of the latest data, XRP is trading near $0.56, experiencing a notable price surge of over 6% in the last 24 hours. The trading volume has also seen a significant increase, skyrocketing by 75% during the same period. This surge in volume underscores traders’ and investors’ bullish sentiment following Grayscale’s announcement.
XRP Technical Analysis and Upcoming Levels
Technical analysis reveals a bullish outlook for XRP after enduring a week-long downturn. Currently, the price is trading above the 200 Exponential Moving Average (EMA) on the daily time frame. However, the recent price increase has pushed XRP’s Relative Strength Index (RSI) into overbought territory, indicating a potential price reversal.
Based on historical price momentum, XRP faces strong resistance near the $0.58 level. Should XRP’s daily candle close above this threshold, there is a high likelihood that the price could ascend by an additional 10%, reaching the $0.632 level.
On-Chain Metrics: Bulls in Control
The bullish outlook for XRP is further bolstered by on-chain metrics. CoinGlass’s XRP long/short ratio currently stands at 1.0886, reflecting a bullish market sentiment among traders. Additionally, XRP’s future open interest has surged by 7.3%, indicating that traders are increasingly betting on long positions.
Moreover, Long/Short data reveals that 52.12% of top XRP traders hold long positions, while 47.88% are positioned short. This data underscores the prevailing bullish sentiment in the market.
Conclusion
In summary, the announcement of Grayscale’s XRP Trust has injected fresh momentum into XRP’s price, leading to a significant surge in both price and trading volume. While technical analysis indicates potential resistance levels, the overall bullish sentiment supported by on-chain metrics suggests a positive outlook for XRP in the near term. Investors and traders should keep a close watch on the key resistance levels and market trends to make informed decisions.
