By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Grayscale Announces Launch of XRP Trust
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Grayscale Announces Launch of XRP Trust
Crypto

Grayscale Announces Launch of XRP Trust

News Room
Last updated: 2024/09/12 at 8:23 PM
News Room
Share
4 Min Read
SHARE

XRP price forecasts are showing bullish signs following an announcement by Grayscale about launching an XRP Trust investment product that could potentially turn into an XRP ETF. This news caused the XRP price to increase by 5% on Thursday, making it one of the top-performing major coins. However, profit-taking led to a 4% drop from earlier highs. Grayscale had previously offered an XRP Trust product but had to shut it down in 2021 due to an SEC lawsuit against Ripple Labs. Now that the lawsuit is settled, the regulatory clarity has allowed US exchanges to offer XRP again, leading to more bullish XRP price forecasts.

The positive fundamentals of XRP have improved after the Ripple/SEC settlement earlier this year, opening the doors for accelerated institutional adoption. With Grayscale’s XRP Trust product in the market, the hype is growing that XRP could receive approval for a US ETF in the future. While Bitcoin has the potential to increase by 2-3 times in the current bull market, XRP could see even greater gains. However, reaching $10 would require a significant rally to a market cap of almost $600 billion, posing challenges such as high inflation and a questionable adoption story. It remains uncertain whether XRP can reach that level.

Currently, XRP is affected by the overall sentiment in the crypto market, which is being impacted by uncertainties such as the US presidential elections and the potential for a recession. Most major coins, including XRP, are trading within multi-month ranges. However, with the Federal Reserve expected to start a new rate-cutting cycle, better liquidity conditions in 2025 and beyond could benefit crypto assets like XRP. Market expectations suggest multiple rate cuts over the next few months, which could provide a tailwind for XRP and other cryptocurrencies.

In the near term, XRP’s price is stuck within a medium-term pennant structure, with bulls hoping for an upside breakout that could lead to a retest of yearly highs near $0.75. As the crypto bull market progresses over the next year, XRP could potentially double from its current levels and reach $1. Therefore, XRP might be a good investment opportunity at the moment. The potential for XRP to outperform other major cryptocurrencies is influenced by factors such as the broader market sentiment, regulatory developments, and institutional adoption.

In conclusion, the outlook for XRP remains positive as regulatory clarity and institutional interest continue to drive its price higher. With Grayscale’s XRP Trust product in the market and the potential for an XRP ETF approval, the bullish sentiment surrounding XRP is likely to persist. As the crypto market evolves and investment opportunities expand, XRP could be positioned for significant gains in the coming years. Investors should carefully consider market conditions and potential risks before making investment decisions in XRP or any other cryptocurrency.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room September 12, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article The auto displays at S’hail 2024 draw massive crowds
Next Article Forex Today: A standoff expected before the FOMC meeting
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?