Is anyone else tired of this accumulation period? Thankfully, we have some good news regarding altcoins, the new Grayscale XRP Trust, and Sui – tune into 99Bitcoin’s Feel Good Friday.
Eight months of Bitcoin hovering through $50-70k is enough to drive the most savvy investor crazy.
However, as Warren Buffett once said, “The stock market is a device for transferring money from the impatient to the patient.”
So here’s what you should know on this Feel Good Friday.
Grayscale XRP Trust: What You Need to Know
Grayscale Investments is rolling out the Grayscale XRP Trust, opening the doors for investors to tap into XRP,
.
XRP’s ath was in early 2018 at $3.40 and is now trading at$0.56.
The wider crypto community’s pain is nothing compared to what the XRP army has gone through.
The launch of the Grayscale XRP Trust is the first good news since XRP won its case with the SEC and could be a major catalyst for its future.
The Grayscale XRP Trust aims to give accredited investors a crack at XRP minus the ETF red tape. It’s a strategic play that might set the stage for an eventual XRP ETF, aligning with Grayscale’s phased plan to boost investor access and clarity.
Celebrated as a pragmatic cryptocurrency, XRP powers the XRP Ledger with a reputation for streamlining cross-border payments. Grayscale’s choice to introduce the XRP Trust is a testament to its practical appeal.
“By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
While the legal battle for XRP is far from over, this could be the calm before the storm to buy.
Alts Are About to Breakout
The ETH/BTC chart, often used to predict an altcoin rally, is still a mess. It formed a couple of bullish divergences in the last five weeks but to no avail. Price has dropped lower again, but the RSI has dropped as well, so there is no bull run yet.
That said, the Crypto Total Market Cap Excluding Top 10 Dominance index—which removes the majors, the stables, and the undying cults—has risen significantly and then retested its bottom. It is now testing the edge of the channel where alts rip. Raoul Pal calls this ‘The Banana Zone.’
With Fed Rate cuts happening next week, it might be time to pack your bags.
Sui Crypto is Having a Record Week
Lastly, we have to talk about Sui,
, what we sometimes call the next Solana.
Compared to the majors and top alts, SUI has had a solid weekly chart, up 17%.
This is largely due to Sui joining XRP and the launch of the Grayscale Sui Trust.
Sui analyst Bmoon sees the SUI price hitting $3.60 during the last quarter of 2024.
“$SUI target for this Q4 is $3.60. I’ve been bull-calling on @SuiNetwork for a few weeks and they still surprise me with how good the price holds. #DeFi on Sui is going strong also.”
That’s all we have for this inaugural article of Feel Good Friday. If you’re an SUI, XRP, or altcoin investor, you have plenty to be excited about. See you next week!
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
