As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed numerous ups and downs, bull runs, and bear markets. The recent surge in XRP‘s price, fueled by Grayscale’s new Ripple trust and potential Robinhood re-listing, has piqued my interest.
TL;DR
- XRP rose 10% in a week, fueled by Grayscale’s new Ripple trust and a potential Robinhood re-listing.
While some see a bullish trend, others predicted the token could perish “soon.”
XRP’s Next Potential Move
Over the past week, Ripple’s XRP has seen a 10% jump in price, placing it at the top of the list among the top 20 cryptocurrencies. According to data from CoinGecko, its current price is approximately $0.58. Interestingly, its daily trading volume, estimated to be around $1.2 billion, surpassed that of Binance Coin (BNB), one of the higher-ranked cryptos.
One significant reason behind XRP‘s recent surge in value is Grayscale’s introduction of a specialized Ripple trust. This financial product allows users to invest directly in XRP without having to buy and securely store it themselves.
A potential additional reason could be the rising chatter about Robinhood resuming support for XRP on its platform. In fact, a check on their official site reveals that XRP is one of the coins they accommodate.
One of the XRP bulls is the popular crypto enthusiast Ben Armstrong, better known as “BitBoy.”
Altcoins are going to rip soon
Ones to watch:$ONDO $GRT$FLOKI$PYTH$XRP
— BitBoy (@BenArmstrongsX) September 16, 2024
Various individuals remain hopeful that XRP may be about to experience an uptrend or bull market. User Cryptoinsightuk forecasts a 14% increase to approximately $0.66 in the near future, suggesting that there’s an accumulation of liquidity occurring.
Mikybull Crypto chipped in, too. In their view, XRP’s price pattern has formed a specific triangular shape, which might be followed by an exponential rise in the near future. “It’s one of the most bullish macro charts out there,” the trader argued.
In simpler terms, CreditBULL Crypto proposed a comparable idea stating that the prolonged seven-year trend may be nearing its conclusion. This anticipated event was referred to as “the biggest bull flag,” suggesting an extraordinary surge in value would follow.
Waiting for Developments on the Ripple v. SEC Lawsuit
A significant aspect potentially causing further price fluctuations for XRP is the upcoming development in the court case between Ripple and the U.S. Securities and Exchange Commission.
Last month, the case advanced significantly as Judge Torres mandated the company to compensate $125 million for breaching specific securities laws. Although this amount seems considerable, it only makes up a tiny portion of the original demand by regulators, which was in the billions.
Both sides have until early October to file an appeal, and it remains intriguing to observe if this decision will lead to notable fluctuations in XRP‘s value. Since Ripple has consented to the court’s terms, the responsibility now lies with the SEC to respond.
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2024-09-17 14:40