On Thursday, XRP made headlines with a dramatic surge, catapulting back into the $0.58 range for the first time this month. Starting the day at a low of $0.5341, the asset experienced a remarkable over 8.7% price spike, marking a fresh monthly high.
As of Friday morning, XRP has managed to hold onto its gains, emerging as the third best-performing cryptocurrency over the last 24 hours. This comes as Bitcoin undergoes a correction phase, putting a dampener on most altcoins.
Grayscale’s Relaunch – A Game Changer?
One major catalyst behind XRP’s recent ascent is Grayscale’s announcement to relaunch the Grayscale XRP Trust. Rayhaneh Sharif-Askary, Grayscale’s Head of Product, underscored that this trust will provide eligible investors access to XRP’s wide-ranging real-world applications.
Grayscale’s return to the XRP market is particularly notable given its previous involvement with XRP Trust. The firm had to liquidate its initial XRP Trust in early 2021 due to legal issues with the SEC. However, with those challenges now in the rearview mirror, Grayscale is reintroducing the product, sparking renewed optimism among XRP supporters.
XRP Army’s Enthusiasm – Road to $10?
The XRP community is abuzz with excitement over Grayscale’s move. Influential voices like Tony Edward from the Thinking Crypto podcast are touting this as a pivotal moment that could propel XRP to new heights. Some enthusiasts, including X user General Radahn, are even speculating that Grayscale’s actions could push XRP to $10—a staggering increase of over 1,685% from current levels.
The enthusiasm is further fueled by speculation about a potential XRP exchange-traded fund (ETF). Commentators are suggesting that a launch could occur within the next four months, a timeline that aligns with predictions of rising XRP demand, similar to the impact seen with Bitcoin ETFs earlier this year.
Additional Catalysts – Ripple’s Innovations and Legal Resolutions
Beyond investment products, the XRP Army’s optimism is also driven by other factors. Upcoming developments like Ripple’s stablecoin, RLUSD, are expected to infuse significant liquidity into the XRP ecosystem. Moreover, the recent conclusion of the SEC lawsuit has removed a major legal obstacle, contributing to a more bullish outlook for XRP.
Also Read: Grayscale’s XRP Trust Sparks ETF Speculation – Could XRP’s Big Break Come In 4-8 Months?
Many analysts believe XRP’s prolonged period of price consolidation has set the stage for a potential breakout. With a history of sudden price movements, XRP could surprise the market with a powerful upward shift.
In summary, as XRP enjoys a notable price surge and Grayscale’s renewed commitment to the asset, the cryptocurrency community is eagerly anticipating further growth. With factors like potential ETF launches, new product innovations, and resolved legal issues, XRP’s path to $10 is gaining more traction and attention.
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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