- Ripple’s XRP has seen a significant boost in September due to the launch of Grayscale’s XRP Trust and positive technical indicators, with potential for further growth if listed on Robinhood in Europe.
- However, rising competition from other altcoins and skepticism from influential figures like Raoul Pal pose challenges to its sustained performance.
Grayscale, a prominent asset management firm, introduced its XRP Trust product, marking a significant development for Ripple enthusiasts. Grayscale’s new trust is the first of its kind in the United States, designed to provide investors with direct exposure to XRP.
Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, highlighted the trust’s role in offering exposure to a protocol with transformative real-world applications. “XRP’s ability to facilitate cross-border payments almost instantaneously has the potential to overhaul traditional financial systems,” Sharif-Askary remarked.
This development has been met with enthusiasm from the XRP community, which views it as a step closer to a potential XRP Exchange-Traded Fund (ETF) in the U.S. Grayscale’s role in the development of Bitcoin ETFs further underscores the importance of this trust product. Unlike ETFs, which have a variable number of shares and trade throughout the day, trusts like Grayscale’s have a fixed number of shares and are traded once daily.
Positive Technical Indicators for XRP
Technical analysis provides additional support for XRP’s bullish outlook. On Sunday, TradingView rated XRP as a strong buy based on its moving averages over various timeframes. The Simple Moving Average (SMA) and Exponential Moving Average (EMA) signals suggest a positive trend for the token.
Moreover, the Moving Average Convergence Divergence (MACD) indicator recently displayed a bullish crossover, suggesting further potential for price gains. If XRP can break through the key resistance level at $0.60, it could potentially trigger a bull run, pushing its price towards $0.68.
Potential Listing on Robinhood: A European Expansion
Another optimistic development for XRP is the possibility of its listing on Robinhood’s platform for European users. While Robinhood has yet to confirm this officially, European customers have noticed the addition of an XRP price tracker on the app. This could signal an upcoming listing, providing more accessibility and potential market growth for XRP in the European Union.
Robinhood’s previous decision to delist other cryptocurrencies like Cardano (ADA) and Solana (SOL) following a Wells notice from the SEC underscores the significance of this potential listing. The addition of XRP could signify improved regulatory clarity and a promising future for the token.
Skepticism from Former XRP Advocate
Despite the positive developments, not all opinions are favorable. Raoul Pal, a former Goldman Sachs executive and a well-known crypto analyst, has recently expressed doubts about XRP’s potential. Pal, who previously championed XRP as a prime investment opportunity, has shifted his stance.
In an interview with Good Morning Crypto, Pal criticized older coins like XRP and Cardano, advising investors to consider newer altcoins with more immediate potential. His shift in perspective reflects a broader debate within the crypto community about the viability and future of established tokens versus newer entrants.
Rising Competition from Other Altcoins
The cryptocurrency landscape is becoming increasingly competitive, with several altcoins showing impressive growth. Over the past week, competitors such as BNB, Dogecoin (DOGE), and Toncoin (TON) have posted substantial gains. Notably, Nervos Network (CKB) experienced a dramatic 100% increase in its market value.
The significant performance of these alternative tokens poses a challenge for Ripple. As Web3 continues to evolve, Ripple must navigate intense competition to maintain and grow its market cap.
Ripple’s XRP has had a strong start to September, buoyed by the debut of Grayscale’s XRP Trust, positive technical indicators, and the potential for a Robinhood listing in Europe. However, skepticism from influential figures like Raoul Pal and rising competition from other altcoins present challenges that could impact XRP’s future performance.
