Grayscale announced that it is proud to offer a new single-asset investment fund called the XRP Trust. This fund will be available to accredited investors through private placements.
Grayscale, a leading crypto asset manager, has announced the launch of an XRP Trust, paving the way for a potential XRP Exchange-Traded Fund (ETF) in the future.
Accredited investors can now participate in Grayscale's XRP Trust offering through private placements. As the news hit the market, XRP's price showed a promising response, rising by about 5% and hitting the $0.58 mark. This performance placed XRP among the top-performing cryptocurrencies at the time.
However, some traders quickly cashed out as XRP's price surged, leading to a 4% drop, bringing the coin back down from the earlier high of $0.56. Such price movements are common in the crypto space, especially during rapid gains, as traders secure their profits.
notably, this isn't Grayscale's first venture with XRP. They've previously offered an XRP Trust, but it was closed in 2021 after the SEC filed a lawsuit against Ripple Labs, alleging that XRP was sold as an unregistered security.
Now, with that lawsuit resolved, US exchanges have begun offering XRP once again, and companies like Grayscale are re-entering the scene with new XRP products.
As Grayscale's XRP Trust gains attention, many are speculating on the possibility of XRP hitting $10, especially with the potential approval of an ETF.
XRP's fundamentals are indeed showing signs of improvement. With the legal issues settled, there's a clear path for institutions to adopt the cryptocurrency on a wider scale.
If Grayscale's XRP Trust performs similarly to their Bitcoin and Ethereum products, we could see some serious momentum behind XRP. Those products achieved massive success and were later converted into ETFs, so it's not hard to imagine the hype building for an XRP ETF.
According to some, XRP could be the next major crypto to get ETF approval in the US. If that happens, it could push XRP's price even higher, potentially outperforming other big players like Bitcoin.
While Bitcoin might double or triple in price during the current bull market, XRP could see even more significant gains.
But can it really hit $10? That's the burning question. For XRP to reach $10, its market cap would have to surge from $31 billion to about $600 billion.
This is a substantial jump to consider, especially with Ripple Labs still unlocking more XRP supply, which could increase inflation and limit the speed of price growth. Additionally, there's still some doubt whether XRP can achieve the level of adoption needed to support such a high price.
The broader crypto market also isn't cooperating much in the short term. There's still a lot of uncertainty around the upcoming US Presidential election and concerns about a possible recession. That has kept XRP and many other coins stuck in a multi-month price range.
However, things could change soon. The Federal Reserve is about to start a new rate-cutting cycle, which could bring more liquidity into the market in the coming years, especially by 2025. This would likely be a big boost for assets like XRP.
#XRP – 1D
Despite recent news of Grayscale's potential XRP trust, $XRP is still struggling to break through resistance since July 2023. pic.twitter.com/4vqRECTJCT
For now, XRP has continued to struggle to break above its downward resistance trendline since July 2023, with bulls hoping for an upside breakout soon. If that happens, we could see the price head back toward yearly highs near $0.75.
Looking further ahead, as the crypto market matures, XRP could potentially double from its current price, hitting $1. So, XRP might be one of the best cryptocurrencies for investors looking for long-term growth.
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