XRP rises 10 Percent as Grayscale rolls out new XRP closed end fund in the US

2024-09-12 by Ndaman Olayinka 3 minutes read
XRP rises 10 Percent as Grayscale rolls out new XRP closed end fund in the US

Cryptocurrency fund management firm Grayscale Investments on Thursday announced that the company will launch an XRP closed-end fund in the US.

The company with expertise in crypto investing and offering more than 20 crypto investment products said in the announcement of the creation and public launch that the fund will allow accredited investors to gain direct exposure to the popular token, XRP.

According to Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale, "We believe XRP Trust exposes investors to a protocol with a significant real-world use case. XRP has the potential to transform the legacy financial infrastructure by enabling cross-border payments that can be completed in a matter of seconds.”

The XRP Ledger (XRPL) is a distributed, peer-to-peer network that powers international financial transactions. Investors can access the token XRP through the Trust. Qualified individual and institutional investors who fulfill the requirements can now subscribe to the Trust on a daily basis.

The price of XRP, the seventh-largest digital asset, surged to nearly 10% following the announcement of the launch of Grayscale XRP Trust.

Based on data from CoinMarketCap, the estimated market value of the token is approximately $31 billion. XRP, the native token of Ripple, increased by 4.12% over the past 24 hours and is now trading at approximately $0.5558 as of the time of writing.

A spot XRP exchange-traded fund (ETF) in the United States may be possible as a result of the Grayscale launch of an XRP trust.

On May 30, 2024, Brad Garlinghouse, the CEO of Ripple, the parent company of XRP, announced during a speech at the Consensus 2024 conference in Austin, Texas, that an exchange-traded fund (ETF) combining Solana (SOL), Cardano (ADA), and Ripple (XRP) was being planned. This sentiment gained momentum with the approval of an Ethereum and Bitcoin ETF.

Grayscale Investments introduced an Avalanche trust last month to expose accredited investors to AVAX, the native token of the Avalanche blockchain network.

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