Grayscale’s XRP Trust Fuels Major Price Rally for XRP

Sentiment Status: Positive

The introduction of the Grayscale XRP Trust is a new opportunity for accredited investors to gain direct exposure to the token.

On September 12 Grayscale announced the launch of its XRP Trust. In response, XRP’s price surged by more than 6%, reaching $0.56715, and adding over $2.59 billion to its market cap in just minutes. 

XRP Price Surge Following Grayscale Announcement

Grayscale’s announcement pushed the token well above its 200-day simple moving average (SMA).

The token has solid support at $0.50382, a level that has proven to be resilient even. On the upside, XRP is facing near-term resistance at the $0.60 mark, a psychological threshold that traders are eyeing closely. 

Grayscale's XRP Trust

The introduction of the Grayscale XRP Trust is a new opportunity for accredited investors to gain direct exposure to the token. According to Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary, XRP’s real-world use case has the potential to transform legacy financial systems.

XRP trust comes just after Ripple’s victory in its legal battle with the SEC, which had cast a shadow over XRP’s future. With these legal obstacles largely behind them, Grayscale’s reentry into the XRP market is seen as a strategic step.

XRP ETF

Furthermore, the potential for a spot XRP exchange-traded fund (ETF) has an outstanding potential. While the Grayscale XRP Trust is limited to accredited investors, it could be a precursor to a fully-fledged ETF, which would allow retail investors to participate in the market.

The possibility of an XRP ETF is particularly tempting to those who have watched the rise of Bitcoin and Ethereum ETFs, which broadened access to these assets. 

Ripple’s Legal Victory Clears the Path for Growth

Grayscale’s decision to launch an XRP Trust is remarkable given that the firm dissolved its previous XRP Trust in 2021 following the SEC’s lawsuit against Ripple. The lawsuit had claimed that XRP was a security, leading to widespread uncertainty and a drop in the token’s value. 

The victory has revitalized confidence in XRP’s long-term possibilities. Ripple’s technology allows for instant, low-cost international transfers, which could revolutionize the way money moves across borders.