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HomeCrypto NewsMarketGrayscale Officially Confirms Launch of XRP Trust, Shows XRP Leading Bitcoin in This Metric

Grayscale Officially Confirms Launch of XRP Trust, Shows XRP Leading Bitcoin in This Metric

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Leading asset manager Grayscale Investments confirms the relaunch of its XRP Trust, sharing charts of XRP ranking as the best performer among the top 10 biggest cryptocurrencies by market cap. 

Grayscale confirmed the development in a tweet yesterday, emphasizing that its XRP Trust is now open for accredited investors seeking direct exposure to XRP. Although Grayscale relaunched the XRP Trust last week, it has continuously notified its clients about the product. 

Notably, Grayscale attached a link to the XRP Trust, encouraging investors to learn more about the product and review critical disclosures. 

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XRP Trust NAV Soars 3.05% in 24 Hours

Interestingly, the XRP Trust has witnessed an impressive performance since its relaunch. Its net asset value (NAV) is $11.79 per share, marking an increase of 14.35% since launch. 

This represents a surge of 3.05% from the NAV of $11.44 registered on September 18. The notable spike in the XRP Trust NAV reflects growing interest in XRP among institutional investors.

XRP Leads Avalanche, Bitcoin, and Ethereum as Best-Performing Crypto 

Meanwhile, this interest has also contributed to the remarkable rise in XRP price, which currently stands at $0.5863. Grayscale Investments recently spotlighted XRP’s remarkable performance in its weekly overview of the best-performing cryptos among the top 10 largest assets by market cap.  

The snapshot, taken on September 18, showed that XRP ranked as the best performer over the past week.

Per the data, XRP registered a one-week gain of 9.6%, outperforming other assets like Avalanche (AVAX), Bitcoin (BTC), Binance Coin (BNB), and Toncoin (TON), which rose 8.4%, 8.1%, 5.7%, and 5.2% in the same timeframe, respectively. 

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These assets are closely followed by Dogecoin (DOGE), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX). They saw weekly returns of 3.9%, 1.9%, 1.8%, -1.5%, and -2.2%, respectively. 

XRP ETF Speculation Drives Price 

One major driver of XRP’s impressive performance is the prospect surrounding the Grayscale XRP Trust. Many speculate that the Grayscale product could pave the way for a spot-based ETF linked to XRP. 

It bears mentioning that Grayscale is a major issuer of crypto spot ETFs. The asset manager currently has four: two linked to Bitcoin and the other two tied to Ethereum. 

According to Grayscale, it plans to transition its crypto-related trusts to spot-based ETFs. However, these products will undergo a four-phase growth cycle, with an ETF conversion being the last stage. 

At the moment, the XRP Trust is in Private Placement, which is the first phase of this cycle. Here, the XRP Trust will only be open to eligible accredited investors, who are subject to a one-year lock-up period. 

The second phase is referred to as the Public Quotation stage. In this stage, Grayscale will allow more investors, including retail customers, to acquire the shares of the XRP Trust. 

Additionally, the XRP Trust will move to the SEC Reporting stage in the third phase. This phase requires the asset manager to comply with the Securities Commission’s reporting requirements, providing necessary details relating to the XRP Trust.

The last phase is the ETF conversion, which could see Grayscale attempt to convert the XRP Trust to an ETF as it did with its Ethereum and Bitcoin Trusts. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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