XRPUSD Is Grayscale's new Trust launch the dawn of a new era?

13 сент.

XRP saw a jump of around +9% on Thursday after Grayscale announced the launch of a new trust that gives accredited investors direct exposure to the cryptocurrency. Unlike an exchange-traded fund, the trust will primarily trade over the counter. Trusts are also more susceptible to trading at a price that does not line up with the underlying value of the portfolio.

Could this pave way for a potential ETF? Possibly, and that would certainly put XRPUSD in the same league as the market leaders Bitcoin and Ethereum that are already drawing massive capital inflows following their ETF launch, ushering a new era for cryptocurrency.

But what we can do for the time being, is focus on the short-term technical price action alone and as you can on the 1D time-frame XRP's trend has been bearish since July 13 2023, within a Channel Down pattern.

Currently the price is past the new High, having formed a series of Lower Highs, which have emerged every time after a top. This trend-line didn't break in the past and pushed the price Lower to at least the 0.618 Fibonacci Channel level.

As a result, we can't turn bullish short-term as long as the Lower Highs hold. The action remains bearish, targeting 0.4000 (Fib 0.618). The moment however the price breaks above the Lower Highs trend-line, we will take the short's loss and turn bullish, targeting the 2.0 Fibonacci extension at 1.1275.

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