📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

XRP Rises 8% As Grayscale Launches New Trust

Published 2024-09-13, 06:30 a/m
XRP Rises 8% As Grayscale Launches New Trust
XRP/USD
-
XRP/USD
-

yolowire.com - The price of Cryptocurrency XRP (CRYPTO: XRP) is up 8% on news that fund manager Grayscale is planning to launch an XRP-focused trust.

Crypto enthusiasts are betting that the new trust from Grayscale will eventually lead to a spot XRP exchange-traded fund (ETF) in the U.S.

XRP is the digital token of Ripple Labs, a technology company that operates the Ripple financial and remittance network.

The new trust will be closed-end fund and will offer accredited investors direct exposure to XRP (XRP), said Grayscale.

Grayscale previously offered an XRP Trust but dissolved it in 2021 when the U.S. Securities and Exchange Commission (SEC) launched a lawsuit against Ripple Labs claiming that the XRP token is an unregistered security under federal law.

Ripple Labs ended up winning that lawsuit, paving the way for Grayscale to relaunch its XRP trust.

The new trust will function like Grayscale’s other single-asset investment trusts and invest solely in the XRP cryptocurrency.

Grayscale took a similar approach to both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), launching trusts in the two largest cryptocurrencies before converting them to spot ETFs earlier this year.

XRP’s price is currently at $0.57 U.S., up 17% over the past 12 months.

This content was originally published on yolowire.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.