$XRP Soars as Grayscale Unveils New XRP Trust Fund, Sparking Massive Price Surge

On Sep 12, 2024

Top digital assets fund manager announces a new fund to allow institutional players to invest in $XRP cryptocurrency.

$XRP is the native token of XRPL (XRP Ledger). XRPL is a Proof-of-Stake (PoS) crypto network known for its high stability and efficiency. While this network is considered superior to other crypto networks, some crypto experts claim XRPL is centralised, with the San Francisco-headquartered blockchain firm, Ripple Labs, controlling it. In the past, the Ripple Labs team faced allegations of controlling the XRPL network, but Ripple Labs has consistently denied all allegations with supporting facts and evidence.

On 12 Sep 2024, Grayscale Investments, the world’s second-largest digital assets fund manager and a wholly-owned subsidiary of Digital Currency Group (DCG), announced the launch of the “Grayscale XRP Trust.” This new trust is designed to provide big investors with exposure to the XRP cryptocurrency.

We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through private placement.

Available to eligible accredited investors.

Read the press release: https://t.co/rOmVPUSFxZ pic.twitter.com/WEhk849RmT
— Grayscale (@Grayscale) September 12, 2024

This new crypto trust is now open for daily subscription and is available to accredited individual and institutional investors.

Ripple CEO Brad Garlinghouse also expressed his happiness with a surprised reaction gif image, suggesting he was unaware of this major support for XRP cryptocurrency from a top fund manager.

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https://t.co/xbjH6ulqbs pic.twitter.com/Og1CxPmdnw
— Brad Garlinghouse (@bgarlinghouse) September 12, 2024

XRP Price Action

The current trading price of XRP cryptocurrency is $0.57. The price graph of this token showed a surge from $0.52 to $0.58, indicating an 11% pump in trade price within a couple of hours.

Do you know why the trade price of $XRP is pumping? pic.twitter.com/Mht8HmBVs3
— Bitcoinik (@Bitcoinikdotcom) September 12, 2024

It will be interesting to see whether the rally in the token’s price will continue or if it will halt, like a short-term bullish sentiment driven by the news.

People should note that this is the third-largest cryptocurrency to clear all regulatory hurdles, as the court labelled XRP a commodity in the Ripple vs. SEC lawsuit. Thus, there are significant chances that big players may now allocate substantial capital to this cryptocurrency through Grayscale’s crypto fund.