XRP Price Soars 6% After Grayscale XRP Trust Opens Route For XRP ETFs And Whales Snap Up This New Meme Coin Casino ICO
The XRP price rose 6% in the last 24 hours to trade at $0.5673 as of 03:23 a.m. EST on trading volume that skyrocketed 112% to $1.8 billion.
This comes after Grayscale announced the launch of a new trust that gives accredited investors direct exposure to the XRP token. Unlike an exchange-traded fund (ETF), the trust will primarily trade over the counter.
However, the XRP Trust is seen by some analysts as another step along the route to the eventual launch of XRP ETFs.
XRP Price To Continue Soaring
The XRP price movements from September 5 formed a rounding bottom pattern, as the bulls retried the $0.57 resistance, according to data from GeckoTerminal.
The token now trades above the 50-day Simple Moving Average (SMA), which is a confirmation of the uptrend, with the 200-day SMA acting as the immediate resistance at $0.5673.
Moreover, the Relative Strength Index (RSI) is also trading within the 70-overbought zone, currently at 71, which now shows that the price of XRP is currently under intense buying pressure, and that the token is now overvalued.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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