Ripple Gains Momentum as Grayscale Launches XRP Trust in the U.S.
Login

Ripple Gains Momentum as Grayscale Launches XRP Trust in the U.S.

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


Ripple and its native token, XRP, have been making headlines following the launch of Grayscale’s new XRP Trust, signaling a significant step forward for the cryptocurrency.

The trust, launched on September 12, 2024, aims to provide accredited investors with exposure to XRP, potentially laying the groundwork for a future spot XRP exchange-traded fund (ETF).

This development comes after Ripple’s landmark legal victory over the U.S. Securities and Exchange Commission (SEC), which cleared XRP from being classified as a security. The court’s decision has rejuvenated market interest in XRP, with the cryptocurrency showing signs of recovery in both investor sentiment and market value.

Grayscale’s Move: A New Era for Ripple (XRP)?

Grayscale’s XRP Trust could be a game-changer for the cryptocurrency, as it will allow accredited investors to gain direct exposure to XRP without the need for custody or management of the token.

Grayscale had previously dissolved its XRP Trust in 2021 following the SEC’s lawsuit against Ripple Labs. However, the recent legal victory and a clearer regulatory framework have allowed the fund to make its comeback.

Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary, emphasized the real-world use case of XRP in cross-border payments, which only take seconds to complete. She believes that cryptocurrency has the potential to revolutionize the current financial system.

The launch of the XRP Trust also caused a price surge, with XRP spiking by over 9% following the announcement. This momentum reflects growing confidence in the token as it navigates its way back into mainstream financial markets.

Ripple Gains Momentum as Grayscale Launches XRP Trust in the U.S.
XRP/USD Hourly Chart

Whale Activity Boosts Market Optimism

In addition to institutional interest, large XRP investors, commonly referred to as “crypto whales,” have played a crucial role in the token’s recent performance.

Over the past week, crypto whales accumulated more than 330 million XRP, worth around $177 million, according to BeinCrypto. This accumulation is often seen as a bullish indicator, suggesting that significant players are betting on a price increase in the near future.

Ripple Gains Momentum as Grayscale Launches XRP Trust in the U.S.
Image via BeinCrypto (Santiment)

Crypto whales are typically responsible for large-scale market movements, and their actions indicate a positive sentiment around XRP. These accumulations not only boost market confidence but also help stabilize the price, setting the stage for potential upward momentum.

Interested In Trading The Market With A Trustworthy Partner? Try LonghornFX Today.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News