The post XRP Price Poised for 10% Rally After Grayscale XRP Trust Announcement: Report appeared first on Coinpedia Fintech News
XRP price is poised for a significant rally, despite gaining 6% upside momentum in the past four hours. Itâs 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.
Grayscaleâs 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.
We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through private placement.Available to eligible accredited investors.Read the press release: https://t.co/rOmVPUSFxZ pic.twitter.com/WEhk849RmT
â Grayscale (@Grayscale) September 12, 2024
With Grayscaleâs 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.Â
Current Price MomentumÂ
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 tradersâ and investorsâ bullish views following Grayscalesâ 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 XRPâs Relative Strength Index (RSI) into over-bought territory, suggesting a potential price reversal.
Source: Trading View
Based on the historical price momentum, XRP is facing strong resistance near the $0.58 level. If XRPâs daily candle closes above the $0.58 level, there is a high possibility it could soar by 10%Â to the $0.632 level.
On-Chain Metrics: Bulls in Control
This bullish outlook is further supported by on-chain metrics. CoinGlassâs XRP long/short ratio currently stands at 1.0886, which indicates trader bullish market sentiment. Additionally, XRPâs future open interest has skyrocketed by 7.3%, suggesting that are increasingly betting on long positions.
Source: CoinGlass
Furthermore, Long/Short data shows that 52.12% of top XRP traders hold long positions, while 47.88% hold short positions.
