Grayscale is reportedly launching the first US XRP Trust, paving the way for a potential ETF. Grayscale announced that it will launch the first Ripple (XRP) Trust in the United States, a so-called "closed-end" fund that will provide qualified investors with direct investment opportunities in XRP. This is another currency that has been supported by Grayscale after SUI! #xrp很快进去爆发期

This is big news for XRP and even the crypto space. As a giant in the industry, Grayscale's launch of the XRP Trust Fund will undoubtedly bring more attention to XRP. Does it mean that XRP is gaining more institutional recognition? Yes, this move also paves the way for a potential ETF$XRP

Trusts and ETFs are different products, however, meaning that ETFs require SEC approval, while trusts are less regulated in their structure and sales pitches to so-called qualified investors. Even so, a trust can become an ETF as long as it obtains the proper regulatory approval.

According to the news, Grayscale XRP Trust has a management fee of 2.5% and an asset management scale of nearly $250,000. At the time of the news, 50 million transactions were reported, and the XRP price continued to strengthen, rising by nearly 15% in a short period of time.

However, old investors all know that XRP is too old to be used for speculation. The project is dead, with a market value of 30 billion US dollars and an annual revenue of 500,000 US dollars. Liquidity depends entirely on market makers. So will this news bring life to the dying XRP?

Will XRP be the next ETF?

Speaking of XRP, we have to mention the ups and downs of SOL. #soletf

Back to July 8, 2023, a seemingly ordinary day, but it has become an important milestone in the development of Solana. VanEck and 21Shares formally submitted the 19b-4 document of Solana ETF to the U.S. Securities and Exchange Commission (SEC). The market also responded promptly, speculating whether Solana will become the third cryptocurrency to successfully land in the ETF market after Bitcoin and Ethereum.

Unexpectedly, the 19b-4 filing for the spot Solana [SOL] ETF submitted by VanEck and 21Shares suddenly disappeared from the CBOE website. Although the SEC rejected CBOE's application for the Solana ETF, it means that the Solana ETF application has not been approved. VanEck confirmed that the ETF application is still under consideration and said that "our application is still in progress."

On the other hand, the lawsuit between XRP and the SEC lasted for almost 10 years, and suddenly came to a conclusion in August. I mentioned in my articles on August 10 and 23 that Ripple and the SEC had a closed-door settlement meeting. The SEC had previously said that it was willing to reduce the settlement amount, and the signal it gave was that it was willing to settle and wanted to speed up the settlement. So Ripple will discuss the specific settlement amount in this closed-door meeting. If the settlement is really reached, XRP may really double its starting point, and then it will be a natural thing to list on spot ETFs.

Although the SEC seems a little dissatisfied and has filed an appeal, this kind of lawsuit is basically difficult to overturn later. In a deeper sense, XRP has basically obtained the right to protection!

XRP has also been making a lot of moves recently. After the launch of Grayscale XRP Trust, it may launch an independent product called XRP.

On September 3, Ripple announced key announcements released in South Korea and Japan this week. Ripple and the XRP community are committed to bringing new programmability to the XRPL development ecosystem in 2025 through the XRPL EVM sidechain (already in progress), including smart contracts, and exploring native functions on the XRPL mainnet. That is to say, cross-chain Ethereum. Once the technology progresses, it is conceivable that XRP will become an oligopoly in the crypto world!

As a leader in the payment industry, Ripple has been deeply involved in blockchain finance for more than ten years, and there is no lack of consensus! Ripple CEO also welcomes XRP ETF. In the future, various ETFs should gradually withdraw, and XRP will also have a chance.

After a short-term surge, the market started to pull back. Are there any opportunities in the future?

XRP’s price continues to strengthen and has managed to cross the near ATH of $0.5850, and just yesterday, XRP was forming a key symmetrical triangle pattern, which usually indicates a period of consolidation before a noteworthy price movement. The asset’s lower highs and higher lows combine to form two converging trendlines, which is how this pattern forms.

When XRP reaches the end of this pattern, there are generally two possible outcomes:

Positive Outlook: XRP’s breakout of the triangle and higher could signal a continuation of bullish momentum (Grayscale accidentally became Cheng Yaojin). Just look at the sentiment at the time:

Bearish Scenario: Conversely, if XRP fails to sustain the lower boundary of the triangle, it could signal a bearish breakout.

In this case, thanks to Grayscale's timely assistance, XRP has reached a new ATH in a timely manner, but with a deep pullback to 0.55, XRP is likely to fall back to support levels around $0.52 and then to $0.50, which has historically been an important support level. Market sentiment may turn negative, or the entire cryptocurrency market may decline, which will lead to a deeper sell-off, and if the price falls below $0.50, it may fall to the $0.48 area.

You should know that although the next ETF has not been announced yet, Grayscale's move is undoubtedly paving the way for ETF. With the possible occurrence of subsequent news, there will be many catalysts. So the future of XRP is still promising.