Grayscale Announces the Launch of New Grayscale XRP Trust Investment Product

XRP's future open interest has skyrocketed by 7.3%, hinting that traders increasingly betting on long positions. XRP price could soar by 10% to the $0.632 level if it closes a daily candle above the $0.58 level.

Grayscale has announced the launch of a new Grayscale XRP trust investment product.

XRP’s future open interest has surged by 7.3%, indicating that traders are increasingly betting on long positions.

If XRP manages to close a daily candle above the $0.58 level, its price could rally by 10% to reach the $0.632 level.

Despite already experiencing a 6% price surge in the past four hours, XRP’s price is setting up for a new rally, and it's all thanks to asset management giant Grayscale.

On September 12, 2024, the firm announced its latest single-asset crypto investment product, Grayscale XRP trust.

Grayscale’s XRP Trust Takes the Spotlight

This announcement on X (previously Twitter) quickly went viral and attracted a lot of attention from the crypto community. In less than two hours, this post received 350K impressions, and the number is still rapidly increasing.

We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through private placement.

Available to eligible accredited investors.

Read the press release: https://t.co/rOmVPUSFxZ pic.twitter.com/WEhk849RmT

With Grayscale's latest investment product, investors will be able to gain exposure to XRP, a token that powers the XRP Ledger, a decentralized, peer-to-peer network designed to facilitate cross-border financial transactions.

Current Price Momentum

At press time, XRP is trading close to $0.56 and has experienced a price surge of over 6% in the last 24 hours. Meanwhile, its trading volume has also shot up by 75% during the same period, indicating traders' and investors' bullish views following Grayscales' announcement.

XRP Technical Analysis and Upcoming Levels

According to expert technical analysis, XRP is bullish after a week-long downturn, as it is now trading above the 200 Exponential Moving Average (EMA) on the daily time frame. However, the recent price surge has pushed XRP's Relative Strength Index (RSI) into over-bought territory, which could indicate a potential price reversal.

Based on the historical price momentum, XRP is facing strong resistance near the $0.58 level. If XRP’s daily candle manages to close above the $0.58 level, there is a high possibility it could soar by 10% to reach the $0.632 level.

On-Chain Metrics: Bulls in Control

This bullish outlook is further supported by on-chain metrics. CoinGlass's XRP long/short ratio currently stands at 1.0886, which indicates trader bullish market sentiment. Additionally, XRP's future open interest has surged by 7.3%, suggesting that are increasingly betting on long positions.

Moreover, Long/Short data shows that 52.12% of top XRP traders hold long positions, while 47.88% hold short positions.

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