Ripple (XRP) is on the verge of breaking the $0.60 mark, fueled by excitement around a possible spot ETF following Grayscale's latest XRP Trust launch.
XRP price surged following the announcement of Grayscale’s latest XRP Trust launch, sparking speculation about a possible spot ETF. Meanwhile, Sui Network’s integration of USDC has driven SUI to a six-month high. Both XRP and SUI are poised for further gains.
Grayscale’s latest Trust will follow XRP’s performance, fueling speculation about a future XRP spot ETF. If realized, this would mark a significant development for XRP.
Following the announcement, XRP’s price surged from under $0.54 to nearly $0.59, clocking gains of over 10% in a week. However, on September 18, 2024, Ripple’s XRP dropped again to $0.56.
Grayscale has a history of converting its BTC and ETH Trusts into spot ETFs, leading to optimism that XRP could follow suit. These developments could pave the way for an XRP spot ETF.
After the announcement, XRP price surged from below $0.54 to nearly $0.59, clocking gains of over 10% in a week. However, on September 18, 2024, Ripple’s XRP dropped again to $0.56.
Crucially, Grayscale has already launched Grayscale Bitcoin Spot ETF (NYSE:BITO) and Grayscale Ethereum Spot ETF (NYSE:GETH), both of which are clocking seven-digit daily trading volumes.
With the U.S. Securities and Exchange Commission (SEC) yet to approve any spot ETF for XRP, the speculation around this possibility continues to drive XRP price.
Bulls are now targeting the $0.60 resistance level, with a daily close above it indicating further recovery.
Moreover, the RSI at 57 favors continued upward momentum, with bulls aiming toward $0.63 in the coming days. Amid the growing optimism around Ripple’s XRP, SUI and INTL are also witnessing bullish momentum around them.
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