XRP Poised for Growth: Several Catalysts Could Drive Price Up
XRP price could be poised for a major rally as there are significant catalysts potentially igniting the demand.
Key Takeaways
- Grayscale XRP Trust boosts institutional interest in XRP.
- Robinhood’s European listing could increase XRP’s retail demand.
- Favorable legal sentiment supports XRP’s price recovery potential.
The price of XRP has been underperforming compared to the rest of the market while it was bullish. The bearish environment further added to its struggle and has kept it under $0.60 for quite some time now. However, in September, XRP had several key catalysts that could positively impact its price.
But would they be enough to spark a significant rally?
Positive Catalysts for XRP
One major development is the introduction of the Grayscale XRP Trust announced on Sept. 12. Grayscale is a well-known institutional player in the crypto space, and the launch of this trust provides more access to XRP for institutional investors. As institutions increasingly consider exposure to digital assets, the XRP Trust could significantly boost the token’s liquidity and demand.
Another crucial factor that could drive XRP’s price is its anticipated listing on Robinhood for European users. Robinhood is a popular trading platform with a large retail investor base, and XRP’s inclusion could significantly increase its accessibility. As more European users gain the ability to trade XRP, the token could see a surge in retail demand, adding further upward pressure on the price. The ease of trading XRP on such a widely-used platform is expected to attract new investors.
Finally, broader market sentiment around cryptocurrencies has improved following favorable rulings related to Ripple’s ongoing legal case with the SEC. While the legal situation remains uncertain, the market has viewed recent developments positively, contributing to XRP’s potential rise. With institutional interest, technical momentum, and expanded retail access, XRP is positioned as an altcoin to watch closely this month.
XRP Price Analysis
The price of XRP made a significant runup from a $0.38 low on July 5 to a high of $0.66 on July 31. Since then, it has made a series of lower highs and maintained higher lows, forming a symmetrical triangle.
This could have been its corrective stage with two outcomes ahead. If its corrective stage ended as an ABC on Sept. 6’s low of $0.50, we could see a breakout or rejection as the price interacts with its resistance level. In that case, the upward advancement since then is the starting impulse and would lead to a breakout above the descending resistance.
Alternatively, the correction has one more higher low, completing as an ABCDE before heading further to the upside. In both cases, XRP will make a new strive of at least the same length as the previous advancement, amounting to a target of $0.80.
But if the bull phase is eventually confirmed, we could expect an even greater ascend, potentially leading toward the $1 mark.
XRP Price Could Jump 325% Soon, According to Key Trading Indicator
