Since the beginning, the market has been discussing the performance of the XRP price. More importantly, XRP continues to fare poorly in the face of the Ripple v. SEC case, which started in 2020, and is still among the top 10 cryptocurrencies on the market. The price has suffered greatly as a result of the SEC’s assertion that XRP is a security and that it has not complied with the securities regulations. This cryptocurrency has failed numerous milestones, ranging from trading at $3.84 at its peak to meandering about an average of $0.5. But there was a chance for a big rebound due to the abrupt increases, like today when the price of XRP increased by 7% in response to the XRP ETF news.
The well-known financial company Grayscale has reopened the Grayscale XRP Trust, a resource for investors to research and learn more about XRP without having to take the chance of purchasing the cryptocurrency.
In response to the SEC’s proceedings, the international asset management company disbanded the original XRP Trust in 2021. Because it was becoming more difficult for investors to convert their XRP into USD at that point, it sold all of its XRP holdings and dissolved the XRP trust.
On the other hand, the Grayscale has demonstrated its growing interest in the network since its reactivation. More significantly, it signals the conclusion of the Ripple v. SEC legal dispute. Consequently, this raises the price of Ripple, which is already trading at $0.5717 following a 7% increase today. Token interest has also increased, which explains the 110% increase in its trading value, which is currently $1,778,119,721.
Furthermore, the success of the Bitcoin and Ethereum ETFs may pave the way for the XRP ETF. Due to their tremendous demand, the market has temporarily slowed down for these two. As per a Bloomberg Analyst, the $1.2 billion withdrawals from the Bitcoin ETF indicate changing patterns rather than a danger.
Supporters hope that this will result in the transfer of the XRP trust to the XRP ETF, similar to what Grayscale achieved with Ether and Bitcoin. For the time being, though, the platform makes no mention of that.
Is $40 the XRP Price’s Next Target?
Even though the value has decreased significantly over time, consumers frequently see a large increase in value, which has assisted with little earnings. However, because the holder sold them right away, none of these benefits persisted for very long. Perhaps this is one of those instances where fresh rippling news has caused short-term increases.
That being said, the XRP litigation is about to conclude because the judge ordered Ripple to pay a $125 million settlement. Many analysts have predicted that the price of Ripple may reach all-time highs as a result. One such analyst, Steph Crypto, predicted that in the next weeks, the price of XRP would rise to $40.
According to his prediction, the XRP charts are forming a “larger inverted head and shoulders,” which may cause the price to break out and rise to $1.11. Furthermore, the price of XRP may increase to $40 in the following weeks as the monthly charts strive to reach the summit of the recognizable symmetrical triangular shape. But he has also cautioned investors about the market’s unpredictability. Furthermore, selling pressure could cause the current rise to change into a decline as Ripple moves 150 million coins.
