On Thursday, XRP captured the crypto world’s attention with a dramatic surge, breaking into the $0.58 range for the first time this month. Earlier in the day, the asset had been languishing at a low of $0.5341, but it rebounded sharply, recording an impressive 8.7% increase to reach a fresh monthly high. As of Friday morning, XRP has managed to sustain these gains, becoming the third best-performing cryptocurrency in the last 24 hours, even as Bitcoin undergoes a correction that has affected many altcoins.
Grayscale’s Bold Move Boosts XRP
The recent spike in XRP’s price can be largely attributed to Grayscale’s announcement of the relaunch of the Grayscale XRP Trust. Rayhaneh Sharif-Askary, Grayscale’s Head of Product, emphasized that this trust will provide eligible investors with access to XRP’s extensive real-world applications. This move comes after a prior attempt to offer an XRP Trust was thwarted in early 2021 due to legal issues with the SEC. With these challenges now in the rearview mirror, Grayscale’s decision to revive the product has sparked renewed optimism in the XRP community.
Crypto pundits like Tony Edward of the Thinking Crypto podcast are heralding this as a significant development. Edward and others believe that Grayscale’s latest action is a key factor in XRP’s potential for substantial gains in this cycle. Enthusiastic members of the XRP community, including a notable X user known as General Radahn, are even speculating that Grayscale’s intervention could propel XRP to $10, representing a staggering 1,685% increase from its current price.
The Road to $10 – What Lies Ahead?
The excitement surrounding Grayscale’s XRP Trust relaunch is palpable, with many in the XRP Army viewing it as a critical step toward the possible introduction of an XRP exchange-traded fund (ETF). Commentators have suggested a four-month timeline for the launch of this ETF, which is anticipated to boost XRP’s demand similarly to how Bitcoin’s spot ETFs impacted its price earlier this year.
In addition to Grayscale’s developments, several other factors are fueling the XRP bull run. Ripple’s upcoming stablecoin, RLUSD, is expected to infuse substantial liquidity into the XRP ecosystem, further driving its value. The conclusion of the SEC lawsuit last month has also been seen as a positive catalyst, removing a major overhang from the asset.
Also Read: Goldman Sachs Analyst Predicts XRP’s Rise As Global Finance Solution – 3,400 TPS vs Bitcoin
Furthermore, XRP’s prolonged period of price consolidation has created a buildup of pressure, leading many to believe that a significant breakout could be imminent.
While the path to $10 remains speculative, the combination of Grayscale’s relaunch, potential ETF developments, and Ripple’s new stablecoin make a compelling case for XRP’s bullish outlook. As always, investors should conduct their own research and consider their financial situation before making investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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