Ripple’s XRP saw a 10.53% price surge, peaking at $0.5892, following the launch of the Grayscale XRP Trust Fund, which enables institutional investors to invest in XRP without direct purchases. After consolidating in early September, XRP rose over 10%, approaching the $0.60 mark.
In the last 24 hours, XRP’s price jumped by 8.45%, climbing from a low of $0.5355 to a high of $0.5809. This spike followed Grayscale Investments’ introduction of the Grayscale XRP Trust Fund, allowing institutional investors to buy shares holding XRP, simplifying the process under a regulated framework. This is the first U.S.-based fund exclusively focused on XRP.
Excitement surrounding this news pushed XRP to $0.5892, a 10.53% increase from its closing price of $0.5333 on September 12. Currently, XRP is trading at $0.5706, marking a 6.11% gain for the day.
Technical analysis suggests a bullish outlook for XRP, which has struggled to break the $0.65 resistance since reaching $0.7421 in mid-March. With the recent surge, analysts predict further gains, potentially reaching between $0.6100 and $0.6310.
The MACD indicator shows positive momentum, with green histogram bars above the neutral line. The 9-day moving average also crossed above the 21-day moving average in the XRP/USDT pair, indicating continued upward movement.
If XRP breaks through the $0.6100 resistance, it could rise to $0.7361 within its current descending channel. However, if the momentum fades, XRP may drop to the $0.4957 support level or potentially further down to $0.4223.
