Ripple-XRP’s price outlook looks brighter after digital asset management firm Grayscale announced its intention to launch an XRP Trust, which is eventually convertible 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— Grayscale (@Grayscale) September 12, 2024
Thursday’s announcement was followed by a 5% rise in the price of XRP to settle at $0.56, according to TradingView data, to become one of the best prominent cryptocurrencies earlier today, while its price fell by 4% compared to its highest levels recorded yesterday evening near $0.59, driven by profit-taking.It is noteworthy that this is not the first time that Graysscale launched an investment fund for XRP, as the company was previously forced to close its currency investment fund in 2021 as a result of the lawsuit filed by the Securities Commission. The U.S. stock exchange (SEC) vs Ripple Labs alleges that the latter’s sales of quantities of XRP represent unauthorized transactions in unregistered securities.As a result, the lawsuit ended with Ripple fining $200 million to settle its legal dispute with SEC earlier this year. As Ripple gained regulatory clarity after the ruling, U.S. exchanges resumed XRP trading again, and asset management firms such as Greyscale were able to introduce new investment products for the currency, so it’s no surprise that XRP’s future price outlook is more positive than it used to be.
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XRP Price Forecast Will it Reach $10 with the Highly Anticipated XRP ETF Launch?
XRP fundamentals are improving, as the settlement between Ripple and SEC earlier this year has accelerated the pace of institutional adoption of the currency, and the launch of a well-established investment firm that is one of the pioneers in the digital asset management sector, such as Greyscale, is expected to contribute to its increase in an investment fund for XRP. With Grayskill expecting to raise its XRP holdings, there is likely to be a growing uproar over the possibility that XRP could become the next prominent currency for which an ETF is authorized in the United States, which could help increase the currency’s chances of outperforming its major competitors in the coming years. While the value of BTC may double or triple compared to its recent value during the current bull-market cycle, XRP could make much higher gains.On the other hand, the future price of XRP remains in doubt, as this requires its current market value of $ 31 billion to double by 20 times to $ 600 billion, especially since there are factors related to its inflationary economic data with the continuation of
