XRP price rises 7% as Grayscale launches dedicated Ripple Trust

Grayscale Investments has announced the latest product in its portfolio of over 20 crypto investment vehicles and will track the performance of Ripple’s native token: XRP.

Eligible individual and institutional accredited investors have the option of daily subscriptions starting today.

Grayscale’s announcement described the XRP token as the asset that “powers the XRP Ledger (XRPL), a distributed peer-to-peer network built to facilitate cross-border financial transactions.”

“We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take seconds to complete, XRP has the potential to transform legacy financial infrastructure,” said Rayhaneh Sharif-Askary, head of product and research at Grayscale.

Grayscale, founded more than a decade ago, already has two of its products converted into exchange-traded funds. That is, these are the old private Trusts that follow Bitcoin and Ethereum. However, both have seen a massive exodus of capital following their conversion in January and July respectively.

XRP price reacted immediately to the news. The token shot up more than 6% in an hour, going from under $0.54 to over $0.585 before settling at $0.57.

XRPUSD. Source: TradingView

You can review some of the most bullish price forecasts for XRP, here.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!