XRP’s price has pulled back slightly from its weekly gains, but it remains up 7.2% for the week following a vigorous rally in the latter half of the week.
This weekend, the RippleNet tokens, which have a total market cap exceeding $30 billion, surged last Thursday, with their price climbing above $0.57 per token ahead of other cryptocurrencies on exchanges.
However, it wasn’t until the next day that Bitcoin, Ether, and other leading cryptocurrencies reflected a similar rise in their market values. The announcement of Grayscale’s new XRP trust product sent excitement through Ripple markets.
So, does this Ripple rally have more momentum, or will its effects be felt by other altcoins this September?
Here are three bullish signals for XRP this month, along with two bearish indicators.
1. Grayscale’s XRP Trust
Grayscale, a prominent crypto asset manager based on Park Avenue that focuses on private placements for high net worth individuals (HNWI), revealed on Thursday that it is providing “investors the opportunity to gain exposure to XRP” through the first US XRP trust product.
“We believe Grayscale XRP Trust offers investors exposure to a protocol that has a significant real-world application,” stated Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research.
“By enabling cross-border payments that can be executed in mere seconds, XRP has the potential to revolutionize the traditional financial system,” Sharif-Askary remarked.
This news has ignited enthusiasm among the XRP community on social media, signaling a step closer to an XRP ETF in the United States. Grayscale played a crucial role in launching the first Bitcoin ETFs by successfully suing the SEC.
The distinction between an ETF and a trust lies in the fact that an ETF’s number of shares issued can be adjusted to meet market demand, whereas trusts maintain a fixed share count and are traded once daily close to market closure.
Having another pathway for Wall Street investors to engage with the Ripple ecosystem is quite optimistic for XRP’s price outlook.
2. Positive XRP Technical Indicators
Meanwhile, the technical charts for XRP are displaying encouraging signals for Ripple advocates.
According to TradingView, XRP received a strong buy rating on Sunday, based on its simple (SMA) and exponential (EMA) moving averages across the 10, 20, 30, 50, 100, and 200-day intervals.
Additionally, the Moving Average Convergence Divergence (MACD) indicator exhibited a bullish cross for XRP last Friday.
Consequently, if XRP surpasses the critical resistance level of $0.60, it could trigger a bull run towards $0.68.
3. Robinhood’s Anticipated XRP Listing in the EU
Another optimistic sign for XRP’s price this month is that the well-known trading app Robinhood appears to be preparing to list XRP for its European customers.
While the company had not made a formal announcement as of Sunday, European users discovered Saturday that they could access an XRP price tracker on the commission-free trading platform.
In addition to XRP, Robinhood supports various cryptocurrencies, including BTC, ETH, DOGE, SHIB, AVAX, and more. Last June, Robinhood removed Cardano (ADA), Polygon (MATIC), and Solana (SOL) following a Wells notice from the SEC.
XRP’s potential addition to the trading app indicates a promising trajectory for the token, especially as regulatory clarity emerges after a prolonged legal battle with the US regulator.
4. Ex-Bull Raoul Pal’s Shift in Sentiment
In light of the SEC case now behind them, the XRP community is optimistic about the Ripple network; however, not all investor analysts are convinced it’s the top choice for crypto investors at this moment.
Raoul Pal, former Goldman Sachs executive and founder of Real Vision Group, who previously was a strong XRP proponent, now suggests that it may not be the best destination for crypto investors currently.
This marks a significant change for Pal, who only a short time ago in December 2023 declared XRP to be “the opportunity of a lifetime” when he initially acquired the tokens in December 2020. In a podcast, he advised Ripple amicus brief lawyer John Deaton that it’s “time to invest your capital” in cryptocurrencies with tangible use cases.
However, this August, Pal advised against purchasing older cryptocurrencies like XRP and Cardano, sharing his views in an interview published on X by Good Morning Crypto.
He appears to hold firm to his new perspective, cautioning that Ripple enthusiasts are luring newcomers into “a cult” of “irrelevant coins.”
“Our objective is to be mercenaries. We’re here to make money,” Pal stated. “Cardano, XRP— there are numerous options like these. I genuinely hope you’re right, but hope is not an investment strategy.”
5. Rivalry from Other Altcoins
After Bitcoin’s surge on Friday, several of XRP’s major competitors experienced higher percentage gains over the week, such as BNB, DOGE, TON, NEAR, ICP, TAO, and Nervos Network.
XRP’s price achieved around 10% gains for the week (despite a decline on Monday), while TON and ICP surged over 13%. SUI and AAVE climbed by 15% earlier in the week, and another Layer-1 network, Bittensor (TAO) witnessed nearly 30% growth in market exchanges.
In contrast, Nervos Network (CKB) saw a remarkable 100% increase over the seven-day period. The fierce competition from other foundational chains in Web3 poses significant challenges for Ripple to maintain and expand its market cap.
The post Ripple’s Price Outlook for September: Is XRP the Altcoin to Watch? appeared first on CryptoPotato.
