XRP price rockets as Grayscale announces XRP Trust 
Cryptocurrency Sep 12, 2024 Share
XRP price surged, following the announcement on September 12 that crypto fund manager Grayscale is launching an XRP Trust.
This lightning-fast rally saw the token jump over 6%, pushing its price to $0.56715.
XRP 1-day price chart. Source: Finbold
XRP’s market cap surged by an impressive $2.59 billion in minutes, catapulting its total market value to $32.04 billion in the wake of the Grayscale announcement.
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XRP 1-day market cap chart. Source: CoinMarketCap
The crypto token is currently trading well above its 200-day simple moving average (SMA), which is often seen as a bullish indicator by traders.
Looking ahead, traders are eyeing critical support and resistance levels. XRP has solid support at $0.50382, a level that has held firm amid the market’s recent volatility. On the upside, the token faces near-term resistance at the psychological $0.60 mark.
With bullish momentum building, it wouldn’t be surprising to see XRP test higher resistance levels in the near future, especially if institutional interest continues to ramp up, driven by Grayscale’s trust offering.
Grayscale news follows Ripple victory
Notably, the news comes hot on the heels of Ripple’s decisive victory in its legal battle with the SEC, removing a major cloud over XRP’s future.
Grayscale’s move to launch an XRP Trust is particularly significant. It’s seen as a strategic step toward what many believe could eventually lead to the first spot XRP exchange-traded fund (ETF) in the U.S. Such a development could open the floodgates for broader institutional investment in XRP.
We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through private placement.
Available to eligible accredited investors.
Read the press release: https://t.co/rOmVPUSFxZ pic.twitter.com/WEhk849RmT
— Grayscale (@Grayscale) September 12, 2024
Grayscale’s reentry into the XRP space is also notable because the firm dissolved its previous XRP Trust back in 2021 after the SEC’s lawsuit against Ripple. Now, with Ripple’s legal victory behind them, the road ahead for XRP looks a lot clearer.
The new closed-end fund offers accredited investors direct exposure to XRP, aligning with Grayscale’s long-term vision for cryptocurrency investment products.
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, emphasized the importance of XRP in a press release on September 12:
“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 can potentially transform the legacy financial infrastructure.”
Potential for a spot XRP ETF
The launch of the Grayscale XRP Trust isn’t just a short-term price catalyst—it could be a game-changer in the long run. If a spot XRP ETF follows, it would bring a new wave of institutional investors into the fold, increasing liquidity and potentially stabilizing the price.
This could help XRP evolve from a volatile, speculative asset into a more mature, widely accepted digital currency, especially for cross-border payments.
While XRP’s path has been anything but smooth, the token’s recent legal and market victories have injected fresh optimism into the project.
If Ripple continues to build on its existing momentum and Grayscale’s trust draws in institutional money, XRP may be entering a new chapter, one that’s less about regulatory battles and more about real-world adoption and growth.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
