XRP Grayscale News Revives Speculations Of ETF, But Bears Remain In Control

NOIDA (CoinChapter.com)— A key XRP news today that left investors in a tizzy was Grayscale Investments launching the first U.S.-based XRP Trust. The trust provides accredited investors with direct exposure to the cryptocurrency.

The news of Grayscale’s XRP trust triggered a surge in XRP’s price, briefly pushing it to $0.57.

Moreover, the development has fueled speculation that an XRP ETF could follow as investors hope for further institutional interest. Ripple’s legal victory over the SEC adds to the bullish sentiment surrounding XRP’s price and prospects for regulatory clarity.

Grayscale’s XRP Trust and ETF Possibilities

Traders likely view the recent XRP news as aligning with Grayscale’s long-term strategy of converting investment trusts into exchange-traded funds (ETFs). Historically, Grayscale has transitioned its Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into ETFs after receiving regulatory approval.

The pattern sets a potential precedent for the XRP Trust. An increase in investor access and transparency could pave the way for an ETF transition.

The XRP Trust is currently accessible to accredited investors only, offering institutional investors a direct path to market exposure. Though the XRP news has traders foaming at the mouth about the possibility of an ETF, Grayscale’s strategy hinges on regulatory conditions.

Ripple’s recent legal win against the SEC—where XRP was deemed not a security—boosts the token’s ETF chances. However, the SEC has historically been very stingy with approvals for new crypto products. Still, the legal clarity gained from Ripple’s victory may benefit the chance of an XRP ETF in the long run.

A successful transition to an ETF could bring XRP even more liquidity and accessibility. News of an XRP ETF could help the token challenge its record high.

XRP News Helps Price Spike, But Bearish Pressure Remains

Meanwhile, the Grayscale news fueled XRP price rally failed to break past the supply zone near $0.6. The XRP USD pair’s 10.5% spike on Sept. 12 failed to last, with the token closing the day up by 5%. Though bulls tried to continue the rally, the XRP USD pair managed to gain over 3% on Sept. 13.

If the rally continues, XRP price could rise to the resistance near $0.606. Flipping the immediate resistance could help the XPR USD pair rally to the resistance near $0.67.

On the other hand, if the rally fails, XRP coin price might drop to the support level near $0.53. Moreover, failure of the immediate support level might push the XRP USD pair down to the support near $0.485 before recovering.

The relative strength index remained neutral, with a score of 53.75 on the daily charts.