XRP Price Skyrockets 7% as Grayscale Launches Dedicated Ripple Trust

1 week ago 13

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

Eligible individual and institutional accredited investors have the option for daily subscriptions from today.

The announcement from Grayscale described XRP’s token as the asset “powering the XRP Ledger (XRPL), a distributed peer-to-peer network created 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 just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.”- said Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askary.

Grayscale, founded over a decade ago, already has two of its products converted into spot exchange-traded funds. Namely, those are the former private Trusts tracking Bitcoin and Ethereum. However, both have seen a massive exodus of capital after their conversion in January and July, respectively.

XRP’s price reacted immediately to the news. The token soared by over 6% within an hour and jumped from under $0.54 to over $0.585 before settling at $0.57.