finbold.com
After digital asset manager Grayscale announced the launch of an XRP Trust, possibly a strategic step toward the first XRP (XRP) spot exchange-traded fund (ETF) in the United States, artificial intelligence (AI) models have offered XRP targets if an XRP spot ETF truly happens.
Specifically, Grayscale’s announcement immediately triggered a bullish rally for the XRP token, making it one of the top performers in terms of price movements and market capitalization in the past 24 hours alongside Quant (QNT) and Worldcoin (WLD), which is why AI models are optimistic.
Analysts’ XRP price prediction
Elsewhere, renowned pseudonymous markets trading expert TradingShot has stressed that Grayscale’s new Trust launch could be the “dawn of a new era” for cryptocurrencies but also observed a bearish trend for XRP since July 13, 2023, “within a Channel Down pattern,” in a TradingView post on September 13.
As the analyst further highlighted, XRP is “past the new High, having formed a series of Lower Highs, which have emerged every time after a top,” adding that this “trend-line didn’t break in the past and pushed the price Lower to at least the 0.618 Fibonacci Channel level,” so the sentiment remains bearish:
“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.”
XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.56858, reflecting a 5.12% increase in the last 24 hours, adding to the 6.05% gain across the previous seven days and reducing the monthly losses to 1.40%, according to the data on September 13.
Ultimately, XRP might reach the price set by any of the AI models above if it gets its own spot ETF like Bitcoin (BTC) and Ethereum (ETH), but trends in the crypto market can easily change, so doing one’s own research, including keeping up with any XRP news, is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.