On Thursday, XRP witnessed a sudden price boost, breaking back into the $0.58 range for the first time this month.
XRP had traded at a low of $0.5341 earlier in the day but abruptly spiked, marking an over 8.7% price increase to reach this fresh monthly high.
As of Friday morning, XRP continues to hold onto these gains. In fact, the asset has been ranked as the third best-performing cryptocurrency over the last 24 hours, while Bitcoin is undergoing a correction phase that has impacted most altcoins.
One Major Factor Added to XRP Road to $10
Notably, XRP’s price has surged significantly following Grayscale’s announcement yesterday to relaunch the Grayscale XRP Trust. Rayhaneh Sharif-Askary, Grayscale’s Head of Product, highlighted that the trust allows eligible investors to tap into XRP’s broad real-world applications.
Interestingly, this is not Grayscale’s first foray into an XRP Trust. The firm previously offered a similar product but was forced to liquidate it in early 2021 due to the SEC lawsuit. However, with the legal challenges now behind, Grayscale is reviving the product.
Now, the XRP community is buzzing with excitement. Pundits like Tony Edward of the Thinking Crypto podcasts stress that Grayscale’s fresh move is one of many reasons XRP must take off significantly in this cycle.
One X user, General Radahn, even suggested that Grayscale’s actions could potentially drive XRP to $10, a growth of over 1,685% from current levels.
Notably, the XRP Army is bullish on Grayscale’s XRP Trust relaunch as they see it as a crucial step toward the potential launch of an XRP exchange-traded fund (ETF). Accordingly, some notable commentators have issued a four-month timeline for the launch of an XRP ETF.
This investment product is expected to increase demand for XRP, possibly aiding in its price growth, as was seen with Bitcoin in the first quarter of 2024 after the launch of spot Bitcoin ETFs.
Other Factors to Drive XRP to $10
Beyond investment products from asset managers, other reasons for the XRP Army’s bullish outlook on XRP’s path to $10 include upcoming developments like Ripple’s soon-to-launch stablecoin, RLUSD. They believe the development will bring massive liquidity to the XRP ecosystem.
Additionally, the conclusion of the SEC lawsuit last month has also been a positive catalyst. Finally, many believe that XRP’s long period of price consolidation has built up significant pressure, and a violent breakout could potentially surprise the market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
