XRP saw a significant price surge after the news broke on September 12 about Grayscale launching an XRP Trust. This rapid rally resulted in the token’s price climbing over 6% to $0.56715.
Within minutes of the announcement, XRP’s market cap skyrocketed by $2.59 billion, pushing its total market value to $32.04 billion. The token is currently trading well above its 200-day simple moving average, a positive sign for traders.
Traders are now keeping an eye on key support and resistance levels for XRP. The token has strong support at $0.50382, while facing resistance near the $0.60 mark. With momentum building, there’s a possibility of XRP testing higher resistance levels, especially with increasing institutional interest due to Grayscale’s trust offering.
The announcement from Grayscale follows Ripple’s recent legal victory against the SEC, providing clarity on XRP’s future. The launch of the XRP Trust by Grayscale is seen as a strategic move that could pave the way for the first spot XRP ETF in the U.S., potentially unlocking greater institutional investment in XRP.
Grayscale’s reentry into the XRP market is significant, especially after dissolving its previous XRP Trust in 2021. With the legal uncertainty now behind them, XRP’s path forward seems clearer. The new fund offers accredited investors direct exposure to XRP in line with Grayscale’s long-term cryptocurrency investment strategy.
The potential for a spot XRP ETF could be a game-changer, attracting more institutional investors and increasing liquidity for XRP. This shift could help XRP transition from a speculative asset to a more stable digital currency, particularly for cross-border transactions.
Despite its challenges, XRP’s recent legal victories and market successes have revitalized confidence in the project. If Ripple can leverage its current momentum and Grayscale’s trust attracts institutional capital, XRP might be embarking on a new era focused on adoption and expansion.