{"id":6189,"date":"2024-09-13T07:42:21","date_gmt":"2024-09-13T07:42:21","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6189"},"modified":"2024-09-13T07:42:21","modified_gmt":"2024-09-13T07:42:21","slug":"why-is-the-ripple-xrp-price-up-today","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6189","title":{"rendered":"Why is the Ripple (XRP) Price Up Today?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

XRP rose by 6% to $0.57 following the launch of the Grayscale XRP Trust.
\nAnalysts are optimistic about a potential bull run, fueled by the new trust and legal developments.<\/p>\n

<\/a><\/span><\/h2>\n

Outperforming BTC and ETH<\/h2>\n

The cryptocurrency market has experienced little to no volatility in the past 24 hours, with Bitcoin (BTC) trading around $58K and Ethereum (ETH) standing above $3,300. Other high-ranked assets, such as Binance Coin (BNB) and Solana (SOL), are also moving sideways, but there is one exception, and its name is XRP.<\/span><\/p>\n

The price of Ripple\u2019s native token is worth approximately $0.57 (per GoinGecko\u2019s data), representing a 6% daily increase. It remains the seventh-largest cryptocurrency; however, its market capitalization has jumped by more than $2 billion in a matter of a day, currently set at over $32 billion.
\n<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

The main factor triggering XRP\u2019s resurgence was Grayscale\u2019s <\/span>launch<\/span><\/a> of a dedicated Ripple Trust. <\/span>The product allows investors to gain direct exposure to the cryptocurrency without the need to <\/span>directly<\/span> purchase, store, or manage it.<\/span><\/p>\n

\u201cWe believe Grayscale XRP Trust <\/span>gives investors exposure<\/span> to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure,\u201d Grayscale\u2019s Head of Product & Research, Rayhaneh Sharif-Askary, commented.<\/span><\/p>\n

The world\u2019s largest digital asset manager offers multiple similar products with other leading cryptocurrencies as underlying assets. Examples are Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), Grayscale Litecoin Trust (LTCN), and more.<\/span><\/p>\n

Further Rally Incoming?<\/span><\/h2>\n

The <\/span>aforementioned development<\/span> generated <\/span>huge<\/span> excitement across the XRP community, with numerous analysts claiming this could be the starting point for a bull run.<\/span><\/p>\n

X user CryptoMutant <\/span>thinks<\/span><\/a> the launch of the investment vehicle has brought old targets back, envisioning $1 as a doable goal.\u00a0<\/span><\/p>\n

Crypto Assets Guy was optimistic, too, <\/span>arguing<\/span><\/a> that Grayscale\u2019s movement could be \u201cpaving the way\u201d for a potential XRP ETF. They also believe that RLUSD (Ripple\u2019s upcoming stablecoin pegged to the American dollar) \u201cwill bring massive liquidity,\u201d whereas the Ripple v. SEC \u201cis finally over.\u201d<\/span><\/p>\n

It is worth noting that the lawsuit reached a major milestone in August when Judge Torres <\/span>ordered<\/span><\/a> Ripple to pay a $125 million fine (a 94% deduction of the SEC\u2019s initial request for $2 billion) for violating certain securities laws. Nonetheless, the parties have until early October to appeal the decision, as the regulator seems more likely to do so.<\/span><\/p>\n

The post Why is the Ripple (XRP) Price Up Today?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR XRP rose by 6% to $0.57 following the launch of the Grayscale XRP Trust. Analysts are optimistic about a potential bull run, fueled by the new trust and legal developments. Outperforming BTC and ETH The cryptocurrency market has experienced little to no volatility in the past 24 hours, with Bitcoin (BTC) trading around $58K […]<\/p>\n","protected":false},"author":0,"featured_media":6190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6189"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6189"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6189\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6190"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}