Grayscale has officially launched a new investment trust specifically for XRP, as announced in a statement released on September 12.
Following this announcement, XRP experienced a notable price increase of 8%, reaching a multi-week high of $0.58, based on data from CryptoSlate.
XRP Trust Overview
The Grayscale XRP Trust is designed to operate similarly to the company’s existing single-asset investment trusts, focusing solely on XRP, the native token of the Ripple-supported XRP Ledger (XRPL) blockchain.
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, highlighted the significance of the Trust by discussing the real-world utility of XRP. She remarked:
“XRP has the potential to revolutionize traditional financial systems by enabling cross-border payments that can be completed in mere seconds.”
The Trust is open for daily subscriptions for eligible individual investors and accredited institutional investors.
This launch follows Grayscale’s recent addition of single-asset trusts for various cryptocurrencies such as MakerDAO, Bittensor, and SUI. Market analysts regard these new offerings as pivotal expansions of Grayscale’s cryptocurrency products, which have largely focused on their Bitcoin and Ethereum trusts that have recently transitioned into exchange-traded fund (ETF) format.
Speculation on XRP ETF Approval
The XRP community is buzzing with speculation that the establishment of this investment trust could pave the way for the U.S. Securities and Exchange Commission (SEC) to approve an XRP ETF in the future.
Supporters of XRP are encouraged by the recent green light for Bitcoin and Ethereum ETFs, believing that other digital assets could soon follow.
However, Nate Geraci, President of the ETF Store, cautioned that the path to approval may not be smooth, asserting that political support will be necessary as well.
Additionally, Ripple’s ongoing legal challenges with the SEC complicate the approval process for an XRP ETF. Analysts suggest that under the current leadership of Gary Gensler, the SEC is not likely to endorse new crypto ETFs beyond Bitcoin and Ethereum.
Some experts believe that the prospects for ETF approval could improve if legislative changes clarify the classification of digital assets as non-securities.
The launch of Grayscale’s XRP Trust has sparked interest not only among investors but also within the broader cryptocurrency landscape.
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