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Kriptoteka > Market > Institutions > XRP Faces Resistance, Signs of Rebound Amid Grayscale Trust Launch
Institutions

XRP Faces Resistance, Signs of Rebound Amid Grayscale Trust Launch

marcel.mihalic@gmail.com
Last updated: September 13, 2024 11:14 am
By marcel.mihalic@gmail.com 4 Min Read
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XRP Encounters Resistance, Exhibits Signs of Potential Recovery Following Grayscale XRP Trust Launch

Contents
Whale Activity and Technical SignalsGrayscale’s XRP Trust Boosts Market SentimentRipple’s Strategic Direction and Market Trials

XRP

XRP
$0.57



24h volatility:
5.2%


Market cap:
$31.94 B



Vol. 24h:
$1.98 B

has been facing resistance just below the 50% Fibonacci retracement level, currently hovering around $0.60. Recent fluctuations have resulted in XRP struggling to maintain a position above the 38.2% Fibonacci level at $0.55.

This ongoing resistance has contributed to market uncertainty and a cautious outlook among investors. Nevertheless, indications of a possible recovery are surfacing, although the altcoin has yet to decisively breach these significant technical thresholds.

XRP Encounters Resistance, Exhibits Signs of Potential Recovery Following Grayscale XRP Trust Launch

Photo: TradingView

Whale Activity and Technical Signals

Significantly, large investors, commonly referred to as crypto whales, have been actively acquiring XRP. In the past week, these whales have accumulated over 330 million XRP, valued at approximately $177 million. Such notable accumulation often indicates a potential impending price increase, as historical trends reveal that extensive whale activity can precede bullish market movements.

Technical signals further reinforce the possibility of a rebound. The daily chart reveals a recovery rally, highlighted by a bullish engulfing candle, suggesting a shift in market dynamics. The MACD (Moving Average Convergence Divergence) reflects increasing momentum, while the RSI (Relative Strength Index) shows a bullish trend. If XRP can surpass its existing resistance levels, it may aim for higher price levels such as $0.60 and possibly $0.65.

Grayscale’s XRP Trust Boosts Market Sentiment

The recent launch of Grayscale’s XRP Trust has contributed to the favorable sentiment surrounding XRP. This investment opportunity provides accredited investors with direct access to XRP, enabling them to invest in the cryptocurrency without the need to manage it directly. Grayscale’s initiative is anticipated to enhance investor confidence and may herald further advancements in the XRP market.

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

— Grayscale (@Grayscale) September 12, 2024

Grayscale’s head of product and research, Rayhaneh Sharif-Askary, emphasized the transformative potential of XRP for financial systems, particularly regarding cross-border payments. The addition of the XRP Trust has generated considerable excitement and speculation, including the prospect of an XRP ETF in the future.

Ripple’s Strategic Direction and Market Trials

Ripple’s strategic focus sets it apart from the retail-oriented tactics of many other blockchain initiatives. While competitors rush towards retail adoption, Ripple is targeting institutional giants and government contracts. This direction is exemplified by the development of the new stablecoin RLUSD, tailored specifically for institutional usage rather than retail investors.

Nonetheless, Ripple is contending with considerable challenges. The XRP Ledger (XRPL) has struggled to make inroads in the DeFi sector, standing in stark contrast to the success of Ethereum and Solana. Additionally, Ripple’s On-Demand Liquidity (ODL) service, which leverages XRP for cross-border transactions, is reportedly experiencing difficulties. Court documents indicate that Ripple might move from utilizing XRP to USDT for these operations, raising concerns about the future of its liquidity strategy.

As recent developments unfold, the token’s ability to break through crucial resistance levels and maintain momentum will be vital in shaping its short-term price trajectory.

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XRP Encounters Resistance, Exhibits Signs of Potential Recovery Following Grayscale XRP Trust Launch

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