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.
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.
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.
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