XRP Spikes After Grayscale Endorsement: Is Ripple Preparing For Another 40% Surge?

XRP broke higher yesterday after a favorable announcement from Grayscale. Now that prices are floating above $0.55, the probability of bulls extending gains is high. Technically, buyers are now in charge. Looking at fundamental developments, especially the recovery of Bitcoin and the possible realignment of the general crypto trend, there could be more room for growth. In the short term, the primary support will remain at $0.55. Meanwhile, buyers can set their eyes on $0.66, or the upper limit of the current range.

In light of the bullish development over the past day, traders are upbeat, explaining the explosion. To put in the numbers, XRP is up 6% in 24 hours, pushing weekly gains to over 4%. At the same time, the average trading volume of the last day shot to above $1.7 billion in the past 24 hours.

XRP and Ripple holders are watching out for the following trending news:

• Grayscale, a top crypto asset management firm, has launched an XRP trust. The announcement is seen as positive, setting the stage for the potential application of a spot XRP ETF.
• Ripple, one fund manager assesses, is a standout in the crypto scene for its unwavering business strategy. Instead of being swayed, they have remained put, only focusing on institutions. As recently mentioned, the RLUSD stablecoin, reports suggest, will be accessible for organizations, not retail.

XRP Price Analysis

XRP/USD is turning the corner, looking at the performance in the daily chart.

The explosion lifting XRP above $0.55 signals the presence of buyers and the shift in trend, aligning with that of early August.

Accordingly, traders can consider loading the dips above $0.55.

As mentioned earlier, the first target would be $0.66, or July highs.

However, since XRP found support at the 50% Fibonacci of the July trade range, nothing prevents buyers from targeting $0.77.

This marks the 1.618 Fibonacci extension level of the same range.