The XRP price rose 6% in the last 24 hours as trading volume skyrocketed to $1.8 billion. This comes after Grayscale announced the launch of a new trust.
XRP Price Surge
The XRP price climbed to $0.5673 as of 03:23 a.m. EST, with trading volume increasing by 112% to $1.8 billion. This uptrend is attributed to Grayscale's recent announcement of a new trust providing accredited investors direct exposure to XRP.
XRP Price Analysis
According to GeckoTerminal, XRP trades above the 50-day Simple Moving Average (SMA), indicating an uptrend. The Relative Strength Index (RSI) is in the overbought zone at 71, suggesting strong buying pressure. In the short term, XRP may hit $0.62, although it could fall back to the $0.53 support if selling pressure emerges.
Memebet Casino Initiative
Meanwhile, the new project Memebet Casino has raised over $217K in three days following its ICO launch. The platform enables betting with meme coins and incorporates a 'play-to-earn' model, rewarding users for their wagers.
The XRP price continues to rise amid news of the new trust launch, drawing investor attention. Concurrently, projects like Memebet Casino continue to drive interest in the cryptocurrency market.
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