- Ripple’s XRP price surged by 10.53%, reaching a peak of $0.5892.
- Grayscale has launched the Grayscale XRP Trust Fund, which lets institutions invest in XRP without a direct purchase.
After experiencing a consolidation phase throughout early September, Ripple’s native cryptocurrency, XRP, has surged over 10%, reaching its August high nearing the $0.60 zone.
In the past 24 hours, XRP’s price spiked by more than 8.45%, rising from a low of $0.5355 to a high of $0.5809. This jump followed an important announcement regarding a new investment vehicle for institutional investors.
Grayscale Investments, an asset management giant in the cryptocurrency investment sector, has introduced the Grayscale XRP Trust Fund. This new financial product allows institutional investors to gain exposure to the cryptocurrency without directly purchasing or managing it. Through this trust, investors can buy shares, which will hold XRP on their behalf, making the process simpler and regulated. The Grayscale XRP Trust Fund is the first fund in the United States dedicated exclusively to XRP.
The announcement has grabbed excitement among Ripple traders, pushing the altcoin to a peak of $0.5892—a 10.53% increase from its closing price of $ 0.5333 on September 12. Since then, XRP has corrected, currently trading at $0.5706, marking a 6.11% rise for the day.
Technical Analysis and Future Outlook for XRP
XRP has been in a downward trend and struggling to break the $0.65 zone since hitting a peak of $0.7421 in mid-March. However, with this recent price surge, technical analysis supports the bullish outlook for XRP. Analysts believe the Ripple coin could see further gains, potentially rising by another 6% to reach the range of $0.6100 to $0.6310.
The MACD indicator, which measures market momentum, shows positive signs with green histogram bars above the neutral line, indicating favorable price momentum. Additionally, the 9-day moving average has crossed above the 21-day moving average in 4 hours of the XRP/USDT pair, signaling continued upward movement.
According to the long-term XRP price prediction, if the altcoin manages to break through the resistance level at $0.6100, it could climb to $0.7361 within its current descending channel pattern. However, if the upward momentum fails to sustain, XRP might decline to the support level of $0.4957 and possibly further down to $0.4223.
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