As an analyst with over a decade of experience in the financial industry and a keen interest in the crypto space, I find the recent surge in XRP intriguing. The launch of Grayscale’s XRP Trust seems to have ignited a spark in the otherwise dormant market, causing XRP to outperform its peers such as Bitcoin and Ethereum.
TL;DR
- XRP rose by 6% to $0.57 following the launch of the Grayscale XRP Trust.
Analysts are optimistic about a potential bull run, fueled by the new trust and legal developments.
Outperforming BTC and ETH
Over the last day, the cryptocurrency market has seen minimal fluctuations. Currently, Bitcoin (BTC) is hovering around $58,000, while Ethereum (ETH) is above $3,300. Notably, other top-tier assets like Binance Coin (BNB) and Solana (SOL) are remaining steady as well. However, there’s an exception to this trend, and it’s XRP that’s showing some movement.
Currently, Ripple‘s native token is valued around $0.57, according to GoinGecko’s data, and this represents a 6% rise in value from the previous day. At present, it ranks as the seventh-largest cryptocurrency, but its market capitalization has experienced a significant surge of over $2 billion within just one day, now standing at over $32 billion.
The primary reason behind XRP‘s revival was the introduction of a specialized Ripple Trust by Grayscale. This investment product enables investors to access the cryptocurrency directly, eliminating the need for them to buy, hold, or administer it personally.
According to Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary, it is thought that the Grayscale XRP Trust offers investors access to a protocol with significant practical applications. By enabling swift cross-border transactions, XRP has the capacity to revolutionize traditional financial systems by upgrading them.
One of the world’s foremost digital asset managers provides a variety of products that resemble each other, with various prominent cryptocurrencies serving as their base assets. For instance, the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Grayscale Litecoin Trust (LTCN) are among these offerings, with more available as well.
Further Rally Incoming?
The previously mentioned progress sparked immense enthusiasm within the XRP community, as many analysts speculated that this might mark the beginning of an upward trend.
User CryptoMutant believes that the introduction of the investment vehicle has revived some previous objectives, with a realistic vision of achieving $1 as a potential value.
Crypto Assets Guy was optimistic, too, arguing that Grayscale’s movement could be “paving the way” for a potential XRP ETF. They also believe that RLUSD (Ripple’s upcoming stablecoin pegged to the American dollar) “will bring massive liquidity,” whereas the Ripple v. SEC “is finally over.”
It’s important to mention that in August, the lawsuit hit a significant point when Judge Torres ruled that Ripple should pay a fine of $125 million (representing 94% of the SEC’s initial demand for $2 billion, due to alleged violations of certain securities laws). However, both parties have until early October to file an appeal if they choose to do so, as it appears that the regulatory body may be more inclined to do so.
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2024-09-13 10:48