XRP Surges in Value Following Grayscale’s XRP Trust Announcement

A recent surge in the price of XRP followed the announcement that Grayscale is launching an XRP Trust, pushing the token’s price to $0.56715 with a 6% jump. This spike resulted in a $2.59 billion increase in XRP’s market cap, bringing it to $32.04 billion post-announcement. Traders are noting that XRP is trading above its 200-day moving average, indicating a bullish signal.

Support and resistance levels are being closely watched, with XRP finding solid support at $0.50382 and facing resistance at the $0.60 mark. The momentum is building up, potentially leading XRP to test higher resistance levels in the near future, especially with Grayscale’s trust contributing to institutional interest.

The news of Grayscale’s XRP Trust launch comes after Ripple’s legal victory against the SEC, clearing uncertainties surrounding XRP’s future. This move by Grayscale is seen as a strategic step toward a potential XRP exchange-traded fund (ETF) in the U.S., which could attract more institutional investments in XRP.

Grayscale’s reentry into the XRP space marks a shift from its previous dissolution of the XRP Trust in 2021 due to legal issues. The new trust offers accredited investors direct exposure to XRP, aligning with Grayscale’s vision for crypto investment products.

The launch of the Grayscale XRP Trust holds the potential to attract more institutional investors in the long run, paving the way for a spot XRP ETF that could enhance liquidity and stability in XRP’s price. This development could transform XRP from a speculative asset to a widely accepted digital currency for cross-border payments.

Despite its challenges, XRP’s recent legal victories and market successes have renewed optimism in the project. With continued momentum from Ripple and increasing institutional interest through Grayscale’s trust, XRP may be on the brink of a new chapter focused on adoption and growth, rather than regulatory struggles.