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XRP Up 4% as Grayscale Launches the Grayscale XRP Trust

Twitter icon  •  Published 2 months ago  •  Hassan Maishera

XRP outperformed the broader market, adding 4% to its value in the last 24 hours after asset management firm Grayscale launched its XRP Trust.

TL;DR

  • XRP is the best performer amongst the top 10 cryptocurrencies by market cap, up 4% in the last 24 hours.

  • The positive performance comes after asset management firm Grayscale launched its XRP Trust.

Grayscale Launches its XRP Trust

Grayscale, one of the leading asset management firms in the crypto space, announced on Wednesday that it has launched the Grayscale XRP Trust. 

According to the asset manager, the Trust allows investors to gain exposure to XRP, the token powering the XRP Ledger (XRPL), a distributed, peer-to-peer network created to facilitate cross-border financial transactions.

While commenting on this launch, Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary, said,

“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."

Grayscale added that the Trust is now open for daily subscription by eligible individual and institutional accredited investors. This latest development comes two weeks after the asset manager launched the Grayscale Avalanche Trust, offering investors exposure to AVAX, Avalanche’s native token. Grayscale also recently launched the SUI and MKR funds.

XRP Leads the Market Rally

The crypto market looks to end the week positively, thanks to improved performances from Bitcoin and other leading cryptocurrencies. XRP led the charge in the last 24 hours, up 4% in the last 24 hours.

At press time, XRP trades at $0.5568 and could rally higher if the positive momentum is maintained. Bitcoin, the leading cryptocurrency by market cap, is up less than 1% in the last 24 hours and trades at $58.029. 

The Open Network’s TON continues its excellent recovery, adding 3% to its value to hit the $5.6 level.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.