XRP News Today: XRP Rallies on Grayscale Trust News, ETF Speculation Soars

XRP Hits a September Monthly High

On Thursday, September 12, XRP surged by 5.04%, reversing a 1.02% loss from the previous day to close at $0.5625. During the session, XRP climbed to a September high of $0.5897 before pulling back below the $0.57 level. Significantly, XRP outperformed compared to the broader crypto market, which advanced by 1.47% to a total market cap of $2.003 trillion.

Grayscale Launches Grayscale XRP Trust

On September 12, Grayscale Investment announced the launch of Grayscale XRP Trust. The Grayscale XRP Trust is one of the first securities that invests and derives its value from XRP price trends. The Trust allows investors to receive XRP-fueled returns without directly buying and storing token.

Grayscale XRP Trust uses the CoinDesk Ripple Price Index (XRX) as its benchmark. The Index uses real-time prices from multiple trading platforms to derive a spot price.

In a statement, Grayscale Head of Product and Research Rayhaneh Sharif-Askary said,

“We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.”

Grayscale Fuels XRP-spot ETF Speculation

The announcement fueled speculation about the possibility of an XRP-spot ETF market. Previously, Grayscale converted its Bitcoin (BTC) and Ether (ETH) Trusts to Exchange Traded Funds.

In August 2023, Grayscale successfully appealed against the SEC’s decision to reject converting the Grayscale Bitcoin Trust into a BTC-spot ETF, the Grayscale Bitcoin Trust (GBTC). The Grayscale victory opened the door to the US BTC and ETH-spot ETF markets.

Based on past events, progress toward an XRP-spot ETF could push XRP toward the $0.75 level. In November 2023, inaccurate reports of BlackRock (BLK) filing an XRP-spot ETF application sent XRP to $0.7503 before retreating below the $0.60 level.

The Grayscale announcement came at a pivotal time. Uncertainty about SEC plans to appeal rulings in the SEC vs. Ripple case leaves XRP below the $0.60 level.

XRP Price Trends Amid SEC Appeal Speculation

Price trends remain dependent on whether the SEC appeals rulings in the Ripple case. If the SEC appeals, XRP may drop below $0.40. Conversely, XRP could target $1.00 if the SEC does not file an appeal notice, mirroring the market’s response to the Programmatic Sales of XRP ruling.

Investors should closely monitor appeal-related news, which could significantly impact price trends. Stay updated with our latest news and analysis to manage your exposure to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP hovered above the 50-day and 200-day EMAs, sending bullish price signals.

A break above the $0.5739 resistance level would support a move toward the September 12 high of $0.5897. Furthermore, a return to $0.5897 could give the bulls a run at the $0.60 handle and the August high of $0.6434.

SEC activity, SEC vs. crypto case-related updates require consideration.

Conversely, a break below the 50-day and 200-day EMA’s could signal a bullish trend reversal, possibly signaling a drop to the $0.50 level.

With a 14-day RSI reading of 50.68, XRP may return to $0.60 before entering overbought territory.