$XRP Price Poised for 10% Rally After Grayscale Trust Announcement
XRP is set for a potential 10% rally, buoyed by a 6% surge in the past four hours, following Grayscale’s launch of its XRP Trust on September 12, 2024. The current price is around $0.56, with trading volume up 75% in the last 24 hours, reflecting heightened investor interest.
Technically, XRP is showing bullish signals as it trades above the 200 EMA on the daily chart. However, the RSI is in overbought territory, which may suggest a possible price reversal. Resistance is strong near $0.58, and a daily close above this level could propel XRP to $0.632.
On-chain metrics also support a bullish outlook, with the XRP long/short ratio at 1.0886 and future open interest up 7.3%, indicating increasing long positions. This aligns with the positive market sentiment driven by Grayscale’s announcement.
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