Grayscale launches first U.S. XRP trust, sparking 8% price surge and speculation about potential US XRP ETF.
Grayscale Investments announced today the launch of the first U.S.-based XRP trust, a closed-end fund offering accredited investors direct exposure to XRP tokens.
This move has ignited discussions about the potential for a US XRP ETF.
XRP's price surged 8% following Grayscale's announcement.
Rayhaneh Sharif-Askary, Grayscale's Head of Product & Research, stated, "We believe Grayscale XRP Trust provides investors with exposure to a blockchain solution that is potentially positioned to play a crucial role in optimizing legacy financial systems by streamlining cross-border payments."
This launch marks a reversal from Grayscale's previous stance, having dissolved its original XRP Trust in 2021 following the SEC's 2020 lawsuit against Ripple Labs.
Ripple's recent court victory against the SEC has seemingly cleared regulatory hurdles for XRP-related investment products.
The company has outlined a four-phase product life cycle for the XRP trust, leaving the door open for a potential ETF transition pending regulatory approval. This development follows the successful launches of Bitcoin and Ethereum ETFs earlier this year, which came after Grayscale's legal victory against the SEC.
XRP, currently trading at $0.56, once reached an all-time high of $3.84 in 2018, before the SEC's lawsuit against Ripple.
