XRP Price Forecast Following Grayscale Investment Announcement

XRP Price Analysis: Grayscale Investment Impact

XRP price surged to a 20-day peak of $0.60 on September 14, marking an 18% increase over the week following the announcement of Grayscale’s new cryptocurrency trust offering. This investment has positioned XRP ahead of the wider altcoin market average, signaling strong investor interest.

XRP Price Surges on Grayscale Announcement

On September 14, XRP's price approached the $0.60 leve for the first time since late August, bolstered by Grayscale’s decision to add XRP to their cryptocurrency trusts. This announcement is a significant step towards mainstream acceptance of XRP within traditional finance settings, particularly after resolving regulatory uncertainties linked to the SEC lawsuit.

XRP Price Action vs. Altcoin Market

During this period, the global cryptocurrency market has demonstrated a steady uptick thanks to favorable macroeconomic indicators. XRP's exceptional performance, outpacing the broader altcoin market by nearly 8%, underscores the positive investor sentiment confirmed by Grayscale’s announcement.

XRP Open Interest Analysis: Key Insights

Fresh capital inflows into XRP derivatives have surged post-announcement, with open interest rising from $593 million to $628 million. This indicates robust trader confidence, with organic spot purchases driving the price rally more than speculative trading.

XRP Price Forecast: Critical Levels to Watch

To maintain bullish momentum, XRP must establish support above $0.61. Technical analysis shows potential for a breakout towards $0.65 if these levels are sustained, while indicators like the Relative Strength Index (RSI) suggest there is still room for growth, confirming a bullish outlook.