Ripple (XRP) Price Set for Bullish Action as Grayscale Adds XRP to GDLC Index Fund
Ripple (XRP) price is poised for a bullish move following an important announcement from Grayscale. On Jan. 5, Grayscale revealed that it had reintroduced XRP to its Digital Large Cap (GDLC) index fund after a two-year absence. As of Jan. 9, XRP now accounts for 2.39% of the $400 million fund, approximately $10 million.
Whales Acquire $70 Million Worth of XRP after Grayscale’s U-Turn
Data trends show that other corporate investors have also responded positively since Grayscale’s announcement. A group of strategic whale wallets holding between 1 million and 10 million XRP coins made significant acquisitions in recent days, increasing their cumulative balances from 8.92 billion to 8.99 billion coins. This indicates that corporate entities and high-net-worth investors purchased an additional 70 million XRP between Jan. 5 and Jan. 9.
XRP Price Prediction: Can Bulls Reclaim $0.60?
The recent buying activity by whales has sparked a bullish reaction among other corporate investors, potentially leading to a price recovery for XRP. The Relative Strength Index (RSI) technical indicator supports this prediction, as it shows a potential bullish trend reversal for XRP. However, bears could pose resistance around the $0.61 mark, but if there is a breakout from that level, it could trigger a rally towards the $0.66 range.
Hot Take: XRP Gains Momentum with Grayscale’s Support
XRP has received a boost with its addition to Grayscale’s GDLC index fund, leading to increased investor interest and a potential price surge. The positive response from whale investors and other corporate entities acquiring millions of XRP coins indicates growing confidence in the cryptocurrency. With the bullish momentum building, XRP holders can anticipate a retest of the $0.60 mark in the near future. However, it remains crucial for XRP to maintain support levels and overcome resistance barriers to sustain this upward trend.
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