Grayscale launches first XRP-based trust in the US, prompting the asset to surge 10%.
The news of the new#Grayscaletrust launch is exclusively reported by#FoxBusiness, which notes that it is likely “the first step toward the launch of a Ripple ETF.”
Crypto asset manager Grayscale will formally announce the launch of the first U.S. XRP fund today, a so-called “closed-end” fund that will offer accredited investors direct access to XRP, FOX Business has learned. The company has published a proposed four-stage product lifecycle for its#XRPtrust, leaving open the possibility of an ETF at some point in the future.
As for the#XRPrate, we would not rush into the asset with both feet on this news. Because our idea from August 8 with wave C, in which the low of August 5 at $0.4319 may be updated, is relevant. Not a continuation of the "saw", but a gradual decline, the price is going down. It has not been able to break through the global downward trend since August 2021 (indicated by the dotted line).
Let us remind you that we will not open an investment deal on XRP, because on July 13, 2023, with a profit of +100%, we closed 50% of the position and received “free” coins for the bull run. Speculative spot deal - an idea for “what if” has been waiting in the wings since August 8. Then, orders were placed to buy in two parts - at $0.4720 and $0.4330. 50%. The first is slightly above the volume level of $0.4678, the second is above the low of August 5.
