The XRP price rose 6% in the last 24 hours to trade at $0.5673 as of 03:23 a.m. EST on trading volume that skyrocketed 112% to $1.8 billion.
This comes after Grayscale announced the launch of a new trust that gives accredited investors direct exposure to the XRP token. Unlike an exchange-traded fund (ETF), the trust will primarily trade over the counter.
However, the XRP Trust is seen by some analysts as another step along the route to the eventual launch of XRP ETFs.
XRP Price To Continue Soaring
The XRP price movements from September 5 formed a rounding bottom pattern, as the bulls retried the $0.57 resistance, according to data from GeckoTerminal.
The token now trades above the 50-day Simple Moving Average (SMA), which is a confirmation of the uptrend, with the 200-day SMA acting as the immediate resistance at $0.5673.
Moreover, the Relative Strength Index (RSI) is also trading within the 70-overbought zone, currently at 71, which now shows that the price of XRP is currently under intense buying pressure, and that the token is now overvalued.
XRPUSD Chart Analysis Source: GeckoTerminal.com
The XRP price analysis, with the asset now undervalued, shows that bulls could take control of the price, buying more to push the price of XRP to $0.62.
However, if the price of XRP experiences some pressure from the bears, it could plunge back to the $0.53 support, coinciding with the 50-day SMA.
Meanwhile, investors are rushing to buy the newly launched ICO Memebet Casino (MEMEBET Token) , which has blasted past $217k raised in just 3 days after a whale bought $50,000 worth of the token on Sept. 12.
Cryptonews, a popular YouTube channel with over 10K subscribers, says that $MEMEBET Token could soar 100X after its launch.
Memebet Casino Raises Over $217K – Next Crypto To Explode?
Memebet Casino ($MEMEBET Token) is off to a strong start, raising over $217K for this new Telegram-based betting platform that allows wagering with meme coins for the first time.
Launching soon, Memebet Casino (MEMEBET Token) seeks to revolutionize the decentralized crypto casino space by utilizing $MEMEBET tokens and popular meme coins.
There is also an innovative play-to-earn initiative incorporated by the platform that rewards Memebet Casino users who wager their tokens. This means that even if bets don’t go investors’ way, they can still walk away with something.
The more you bet with the MEMEBET Token, the bigger your rewards. Early adopters can also benefit from an airdrop campaign by purchasing tokens during the presale and using them once the casino is live.
To join the presale, you can buy $MEMEBET Token on the official website here for $0.025 using USDT, ETH, or a bank card. With a price hike coming in just minutes, buy now to lock in the best deal.
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