Grayscale announcing its XRP trust on the 12th of September has favored XRP’s price chart. This is because the trust structure serves valid investors with less regulatory scanning. Unlike other ETFs which require the Securities and Exchange Commission (SEC) clearance for regular investors.
Reportedly, Grayscale has sketched a 4-phase product life cycle for the XRP trust. This further hints at the possibility of an XRP ETF in the future. With this news, investors are keen on the token’s price prospects. And this XRP price analysis has to be your go-to for all questions.
XRP Price Records Increased Price Action
After trading under a bearish sentiment for a period, the Ripple price has regained momentum and successfully breached its resistance level of $0.560. Moreover, it has added 1.82% to its portfolio in 24 hours with a trading volume of $1.152 billion.
Furthermore, it has added ~12% over the past week and 3.86% during the past month. With a circulating supply of 56,386,022594 XRP tokens and a market cap of $33.175 billion, it continues to secure its position in the top 10 cryptocurrencies by market cap.
Ripple Technical Analysis
The technical indicator RSI has displayed a sharp rise toward the overbought range in the 1D time frame. This indicates an increase in the buying pressure for the altcoin in the cryptocurrency market.
Further, the Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram. Moreover, its averages display a bullish uptrend. This suggests a positive outlook for the price of Ripple’s XRP token during the upcoming week.
Will XRP Price Hit $0.630 This September?
If the crypto market continues gaining momentum, the Ripple price will head toward its resistance level of $0.630. Maintaining its price at that level will set the stage for this altcoin to head toward its upper resistance level of $0.690 in the coming time.
On the flip side, if the bears regain momentum, the XRP coin price may retest its support zone of $0.560. Further, if the bearish sentiment intensifies, this could result in the 7th largest cryptocurrency plunging toward its lower support level of $0.480.
Curious about when the XRP price could hit the $1 mark? Our XRP Price Prediction answers to that and much more!
