Why is the XRP Price up 7% today? Is $40 near?

The XRP price performance has been the talk of the market since the beginning. More importantly, XRP is among the top 10 cryptocurrencies in the market despite its continuous poor performance amid the Ripple vs SEC lawsuit, which began in 2020. Due to the SEC’s claims of XRP being a security and failing to adhere to the securities restrictions, the price has struggled heavily. From trading at $3.84 at its peak to rambling around an average of $0.5, this token has missed many milestones. But the sudden spikes, including today, where the XRP price has surged 7% after the XRP ETF news created a possibility of significant recovery.

XRP Price Jumped 7% After Grayscale XRP Trust Launch

The popular investment firm, Grayscale has recently relaunched the Grayscale XRP Trust, where investors can learn more about XRP and explore this token without taking the risk of buying the crypto.

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

The global asset management firm dissolved the first XRP Trust in 2021 following the SEC’s lawsuits. At that time, it sold all of the XRP holdings and dissolved the XRP trust due to increased difficulty for the investors in turning their XRP into USD.

However, with the relaunch, the Grayscale has displayed its rising interest in the network. More importantly, it is the indication of the Ripple vs SEC lawsuit coming to an end. As a result, it boosts the Ripple price, as it is currently trading at $0.5717 after a 7% surge today. Additionally, user interest has grown in this token, explaining the 110% surge in its trading value, presently at $1,778,119,721.

Further, this could also lead the way for the XRP ETF thanks to the Bitcoin and Ethereum ETF’s success. However, the market has slowed down for these two, but only momentarily, as they have high demand. Here, Bitcoin ETF’s $1.2 Billion in outflows show shifting trends, not a threat says Bloomberg Analyst.

With this, the supporters anticipate the  XRP trust to XRP ETF conversion as Grayscale did with Bitcoin and Ether. However, there is no mention of that from the platform for now.

Is $40 The Next Target For the XRP Price?

Though the value has dropped heavily over time, on many occasions, the users get to witness a significant surge in the value, which has helped with minor profits. However, none of these gains stayed for long and were short-lasting due to the holder’s instant selling. Today might be one of those incidents where new ripple news has brought temporary hikes.

Despite that, the XRP lawsuit is on the verge of ending, as the judge asked Ripple to pay $125 million settlement. As a result, many analysts have claimed that the Ripple price might hit new highs. One such analyst, Steph Crypto, has forecasted the XRP price to surge to $40 in the upcoming weeks.

As per his forecast, the XRP charts are creating a  “larger inverted head and shoulders,”  which could lead to a breakout to the price surging to $1.11. Moreover, with the monthly charts aiming at the top of the distinctive symmetrical triangle pattern, the XRP price could jump to $40 in the upcoming weeks. However, he has also warned investors about the unpredictable nature of the market. Moreover, with Ripple Moving 150M Coins, selling pressure might turn the ongoing uptrend into a downtrend.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.