Grayscale Investments recently reintroduced its XRP Trust, offering accredited investors a unique opportunity to gain exposure to XRP. This move has been met with significant enthusiasm from the institutional investment community, as evidenced by the recent performance metrics and market reactions.
JackTheRippler (@RippleXrpie), a prominent community figure, recently shared a report showing the XRP Trust as the most popular asset among institutional investors as of September 18.
BOOOOOOOOOOOOOOOOOOM!!!!
Grayscale Crypto Snapshot – #XRP is the most popular asset among institutional investors! 👀 pic.twitter.com/KSRrgqFrui
— JackTheRippler ©️ (@RippleXrpie) September 19, 2024
The XRP Trust was also the best-performing asset during the week, with a total increase of 9.6%. This places the digital asset ahead of other notable cryptocurrencies such as Avalanche, Bitcoin, Binance Coin, and Ethereum, and this has drawn a favorable response from the community.
Launch and Market Performance
Grayscale’s XRP Trust, which allows accredited investors to purchase shares representing the asset’s net asset value (NAV), has shown impressive growth since its relaunch. According to Grayscale, the NAV per share surged by 11.44% within a week of the trust’s debut, reaching $11.79 on September 17 before settling at $11.49 on September 18.
This performance has highlighted the strong market demand for the digital asset, especially in its role in facilitating fast and efficient cross-border payments via the XRP Ledger (XRPL).
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, emphasized the transformative potential of the digital asset in real-world cases and how the XRP Trust exposes these benefits to investors.
The reintroduction of the XRP Trust aligns with Grayscale’s broader strategy to expand investment options for accredited investors. This initiative is part of a broader reopening of private placements for 18 cryptocurrency trusts, which include other prominent assets such as Bitcoin Cash, Solana, and Avalanche.
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Other Crypto Assets
While the XRP Trust has shown robust growth, other trusts launched by Grayscale have experienced mixed results. For example, the Tron Trust and Cardano Trust have seen declines in their weekly returns. However, the overall trend for the digital asset remains positive, reinforcing its status as a preferred asset among institutional investors.
The XRP Trust’s Prospects
The success of the XRP Trust shows the growing confidence in the cryptocurrency’s utility and potential for further integration into financial systems. Grayscale products often follow four stages, eventually transitioning to Exchange-Traded Funds (ETFs) in the final stage.
Many in the community are excited about an XRP ETF, and the institutional interest in the digital asset will likely continue its upward trajectory. At the time of writing, XRP is trading at $0.5828, down 0.40% over the past 24 hours.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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