Grayscale introduces XRP trust in the US, prompting Ripple to leap
Technical analysis: XRP may gain 7%.
On Thursday, asset management company Grayscale Investments launches XRP Trust.
Grayscale's single-asset investment fund should draw institutional money to the cryptocurrency.
The day ends with XRP up 4% after rising over 10% earlier.
Following the launch of a new institutional investment vehicle, Ripple (XRP) rose 10% on Thursday. A correction has kept the cryptocurrency up 4%. Grayscale launched an XRP single-asset investment fund.
XRP now trades at $0.5602.
Grayscale manages $26 billion as of January 10, 2024. Crypto asset management business launches XRP single-asset investment fund.
Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary, said in the news release that the asset management behemoth will introduce investors to a protocol with a significant real-world use case.
Grayscale XRP Trust lets investors invest in $XRP, the token powering the distributed, peer-to-peer XRP Ledger $XRPL for cross-border financial transactions.
XRP, the native token of the XRP Ledger, allows cross-border payments in seconds, which might alter traditional financial infrastructure.
Grayscale's news excited XRP traders, who helped the cryptocurrency rise 10% to $0.5884 early Thursday from $0.5348 on September 11.
XRP has corrected and trades at $0.5602, up 4% today.
Technical analysis: XRP may gain 7%.
XRP has fallen for months from its July 13 high of $0.9380. XRP might rise 6.9% to the Fair Value Gap (FVG) lower border between $0.6217 and $0.6000. The momentum indicator Moving Average Convergence Divergence (MACD) supports the bullish thesis, while the green histogram bars above the neutral line imply strong XRP price momentum.
