TL;DR
XRP rose 10% in a week, fueled by Grayscale’s new Ripple trust and a potential Robinhood re-listing.
While some see a bullish trend, others predicted the token could perish “soon.”
XRP’s Next Potential Move
Ripple’s XRP has registered a 10% price increase in the past week, making it the best-performing cryptocurrency from the top 20 list. It currently hovers at around $0.58 (per CoinGecko’s data), while its daily trading volume (approximately $1.2 billion) exceeded the one of the higher-ranked Binance Coin (BNB).
XRP Price, Source: CoinGecko
The main factor fueling XRP’s rally as of late is Grayscale’s decision to introduce a dedicated Ripple trust. The investment vehicle enables users to have direct exposure to the cryptocurrency without the need to purchase and store it.
Another factor could be the increased rumors that Robinhood has re-listed the asset on its platform. In fact, the firm’s official website shows that XRP is indeed among the supported tokens.
One of the XRP bulls is the popular crypto enthusiast Ben Armstrong, better known as “BitBoy.”
Altcoins are going to rip soon
Ones to watch:$ONDO $GRT$FLOKI$PYTH$XRP
— BitBoy (@BenArmstrongsX) September 16, 2024
Many others remain optimistic that XRP could be on the verge of a bull run. X user Cryptoinsightuk predicted a 14% surge to $0.66 in the short term, claiming liquidity has been “building up.”
Mikybull Crypto chipped in, too. In their view, XRP’s price pattern has formed a specific triangular shape, which might be followed by an exponential rise in the near future. “It’s one of the most bullish macro charts out there,” the trader argued.
CrediBULL Crypto outlined a similar thesis, maintaining that the “near 7-year compression will be coming to an end soon.” The analyst labeled the development as “the mother of all bull flags,” forecasting a “legendary” rally.
Waiting for Developments on the Ripple v. SEC Lawsuit
Another major factor that could trigger additional volatility for XRP is the next step in the legal battle between Ripple and the US Securities and Exchange Commission.
The case reached an important milestone last month when Judge Torres ordered the company to pay $125 million for violating certain securities laws. While the sum sounds substantial, it actually represents just a fraction of the regulator’s initial request for billions.
Both parties have until early October to appeal, and it will be interesting to see whether such a movement will cause significant ups and downs for XRP’s price. Ripple has already agreed with the court’s terms, meaning the ball is in the SEC’s court.
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