Date: Fri, Nov 01, 2024, 05:47 PM GMT
Today, XRP holders are witnessing a landmark moment as major announcements bring fresh investment opportunities for the popular cryptocurrency. On this first day of November, XRP is in the spotlight with Grayscale opening its XRP Trust Fund to qualified investors and 21Shares filing for the first U.S. spot XRP ETF.
1.Grayscale Opens XRP Trust Fund to Qualified Investors
Earlier today, Grayscale announced that its XRP Trust Fund is now open to qualified, accredited investors. This move allows investors to securely invest in XRP through a regulated fund, providing a straightforward way to gain exposure to XRP without the challenges of directly buying and holding the asset. Grayscale’s decision reflects a growing interest in secure, institution-backed cryptocurrency products.
Source: X
As one of the largest digital asset management companies, Grayscale is renowned for its cryptocurrency trusts, which include products for Bitcoin, Ethereum, and now XRP. The addition of the XRP Trust Fund is likely to attract significant attention from investors eager to diversify with trusted crypto assets.
2.21Shares Files for a Spot XRP ETF with the SEC
In another a recent move, 21Shares has officially filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to establish an XRP-based Exchange-Traded Fund (ETF).
Source: X
If approved, this would be the first spot ETF for XRP in the U.S., providing a regulated avenue for retail and institutional investors to gain direct exposure to XRP. An ETF approval would mark a milestone, setting a precedent for future cryptocurrency ETFs, and signaling increased regulatory acceptance of XRP-based financial products.
Market Response: XRP Price Remains Stable
Source: Coinmarketcap
Despite these groundbreaking announcements, XRP’s market response has been relatively steady, with the token trading at around $0.5158, showing a slight 1.61% increase in the last 24 hours. While these developments have not yet spurred a major price rally, they could lay the foundation for long-term growth and adoption as the regulatory environment around XRP continues to evolve.
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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct thorough research before making any investment decisions in cryptocurrency markets.
