[Critics say he is shorting XRP, calling XRP a garbage coin despite news of Grayscale XRP Trust]
Digital asset manager Grayscale has launched an XRP trust fund, a move that follows the final ruling in Ripple’s lawsuit with the SEC. The trust is the first step towards an XRP ETF, similar to the development model for Bitcoin and Ethereum ETFs. Market observers predict that the XRP ETF is expected to attract large amounts of capital, driving XRP prices higher.
Following the news, XRP prices rebounded on September 12, reaching $0.588 before falling back to $0.5820. Crypto trader Sensei said on the X platform that he would short XRP at this price and criticized XRP as a "junk coin." However, XRP is still up 5% on the day, better than Bitcoin’s 1.39%.
XRP continued its rise on September 13, recording a 1.77% gain to close at $0.5727, the first time it exceeded $0.57 since August 27.
Sensei, a long-standing critic of XRP, pointed to XRP’s market dominance slipping from 32% to 1.5% and warned investors not to buy. However, during the 2017 bull run, XRP surged from $0.003 to $3.31, and some analysts believe this may be repeated in this cycle.
