XRP Price Forecast: Grayscale to Launch XRP Trust
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
XRP (XRP) price forecasts are becoming more bullish in wake of an announcement by crypto asset manager Grayscale that they will be launching an XRP Trust investment product that could eventually be converted into an XRP ETF.
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
The XRP price subsequently jumped, and was last up 5% on Thursday in the $56 area, per TradingView.
That makes it one of the best performing major coins today.
But profit-taking has seen the XRP price drop over 4% from earlier session highs near $0.59.
This isn’t the first time Grayscale has offered an XRP Trust investment product.
The digital asset manager had to shut down their prior trust in 2021 due to the SEC’s lawsuit against Ripple Labs that accused the firm of selling XRP as an unregistered security.
But that lawsuit is now wrapped up, with Ripple paying a $200 million settlement to the SEC earlier this year.
Regulatory clarity relating to XRP has opened the door for US exchanges to begin offering the asset again, and for firms like Grayscale to offer new XRP products.
Its unsurprising then that XRP price forecasts have become substantially more bullish.
XRP fundamentals are improving. The Ripple/SEC settlement earlier this year has opened the door to accelerated institutional adoption of the crypto.
An XRP Trust product
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