XRP Price Surges as Grayscale Launches XRP Trust in the U.S.

Grayscale, the prominent cryptocurrency fund manager, has announced the launch of an XRP Trust, potentially paving the way for a spot XRP exchange-traded fund (ETF) in the U.S.

This closed-end fund will provide accredited investors with direct exposure to XRP. Grayscale had previously offered an XRP Trust, but it was dissolved in 2021 following the U.S. Securities and Exchange Commission’s (SEC) 2020 lawsuit against Ripple Labs, which alleged that XRP was a security under federal law.

Since then, Ripple has won a significant court battle against the SEC, easing the regulatory uncertainty surrounding XRP and clearing the path for its resurgence.

“We believe the Grayscale XRP Trust offers investors exposure to a protocol with a critical real-world application,” said Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, in a press release. “XRP’s ability to facilitate cross-border payments in seconds has the potential to revolutionize the outdated financial infrastructure.”

The XRP Trust operates similarly to Grayscale’s other single-asset investment products, exclusively investing in the token that powers the XRP Ledger.

This development has fueled optimism about XRP’s future, with the price spiking in response to the news.

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