Grayscale XRP Trust ends 2024 with a bang, soaring profits of 300%!
Hey, crypto friends, the Grayscale XRP Trust is wrapping up in 2024, and the profits are quite considerable, skyrocketing by 300%!
As we approach the end of 2024, Christmas is also getting lively, and we cryptocurrency investors are feeling pretty good. Especially those institutional big shots who invested in XRP are smiling from ear to ear.
Speaking of which, the early birds of the Grayscale XRP Trust are about to receive a big red envelope this Christmas. This trust only restarted in September, and from the beginning of the year until now, the profits have more than tripled, soaring from $10.85 all the way to $45.46!
Even more impressive, most of these profits were earned in the last month. Why? Isn't it because Trump won the election, giving a boost to cryptocurrency, stating that he wants to support the industry's development? And look, XRP is also reaping the benefits.
Have you all noticed that the big regulatory hat that was once on XRP's head seems to be coming off? Since 2020, XRP has been under the watchful eye of the U.S. Securities and Exchange Commission, claiming that Ripple sold this asset illegally. However, last July, they won a battle in court, and now everyone is hoping that this asset can become increasingly clear so that spot exchange-traded funds (ETFs) can quickly open their doors to attract a wave of capital.
Speaking of which, there's a controversial figure, the Bitcoin boy Armstrong, who also believes that the profits from the Grayscale XRP Trust can help XRP ETFs cross the finish line faster. These profits can instill confidence in investors and push ETFs forward.
Now, several asset management companies are planning to launch XRP spot ETFs, such as Canary Capital, 21Shares, Bitwise, and WisdomTree. However, XRP holders will have to be patient; these ETF applications won't likely see action until July 2025, as the U.S. Securities and Exchange Commission needs to review them for 240 days.
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