XRP (XRP) price forecasts are becoming more bullish in wake of an announcement by crypto asset manager Grayscale that they will be launching an XRP Trust investment product that could eventually be converted into an XRP ETF.
The XRP price subsequently jumped, and was last up 5% on Thursday in the $56 area, per TradingView.
That makes it one of the best performing major coins today.
But profit-taking has seen the XRP price drop over 4% from earlier session highs near $0.59.
This isn’t the first time Grayscale has offered an XRP Trust investment product.
The digital asset manager had to shut down their prior trust in 2021 due to the SEC’s lawsuit against Ripple Labs that accused the firm of selling XRP as an unregistered security.
But that lawsuit is now wrapped up, with Ripple paying a $200 million settlement to the SEC earlier this year.
Regulatory clarity relating to XRP has opened the door for US exchanges to begin offering the asset again, and for firms like Grayscale to offer new XRP products.
Its unsurprising then that XRP price forecasts have become substantially more bullish.
XRP Price Forecast – Could XRP Hit $10 With ETFs Coming?
XRP fundamentals are improving. The Ripple/SEC settlement earlier this year has opened the door to accelerated institutional adoption of the crypto.
An XRP Trust product offered by industry leading crypto asset manager Grayscale will only accelerate this adoption.
Similar investment products offered by Grayscale for Bitcoin and Ethereum have been blockbuster successes over the years, and both successfully converted to ETFs this year.
As Grayscale’s XRP Trust amasses holdings, hype could grow that XRP will be the next major crypto to receive US ETF approval.
That could help the XRP price outperform its major rivals in the coming years. While Bitcoin has the potential to 2-3x from current levels in the current bull market, XRP could see substantially great gains.
But its unclear whether it would ever be able to reach $10. That would mark a near 20x rally to a market cap of nearly $600 billion from the current market cap of just over $31 billion.
Factors such as a high inflation rate (as Ripple Labs slowly unlocks more supply) and an unconvincing adoption story could hobble XRP’s long-term progress.
Where is XRP Headed Next?
For now, XRP remains hobbled by a lack of conviction in the broader crypto market.
US Presidential election uncertainty, as well as uncertainty about a possible recession has weighed on the market in recent weeks.
Most major coins, XRP included, remain locked within multi-month ranges.
But the Fed is on the cusp of a new rate cutting cycle. So even if the near-term outlook is rocky, better liquidity conditions in 2025 and beyond should be a major tailwind for crypto assets like XRP.
For now, the XRP price remains stuck within a medium-term pennant structure.
Bull will hoping for a near-term upside breakout that would open the door to a retest of yearly highs near $0.75.
Ultimately, XRP could nearly 2x from current levels and return to $1 as the crypto bull market matures over the coming year.
As a result, it might be one of the best crypto to buy now.
The post XRP Price Forecast: Grayscale to Launch XRP Trust appeared first on Cryptonews.
