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Grayscale’s confidence in XRP has grown significantly since launch, a development that spell positive momentum For digital assets. As one of the world’s leading cryptocurrency asset managers, Grayscale Decision to disclose Last week, the first U.S.-based XRP fund signaled the beginning of institutional money flowing into the cryptocurrency. Since its debut, the Grayscale XRP Trust has performed remarkably well. Data shows that the fund’s value has risen by 11.44%, a clear indication of strong demand from institutional investors.
Grayscale XRP Trust Value Rise
Grayscale’s XRP trust tracks the price of the altcoin, and investors buy shares in the trust to gain exposure to the cryptocurrency. When we talk about the momentum Grayscale’s XRP trust is building, we look at its net asset value (NAV). NAV is a measure of the value of each share in the trust and is calculated after each business day. A higher NAV is an indicator of increased institutional investment in the trust. As such, an increase in NAV correlates with bullish sentiment among traders and the spot price of XRP.
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According to the manager WebsiteThe net asset value of the XRP fund currently stands at $11.79, which translates to a gain of just over 11.4% in just one week since launch. This astonishing rise is not the result of chance but rather the result of events. Several positive developments Within the broader XRP ecosystem, which work together to indicate continued positive momentum.
What drives this momentum?
One of Key factors behind This bullish momentum is fueled by the highly anticipated launch of Ripple’s USD-denominated stablecoin, RUSD. The upcoming stablecoin has generated a lot of excitement in the crypto community, as it is expected to play a pivotal role in enhancing liquidity and cross-border payment solutions. The stablecoin is set to debut before the end of the year, but institutional investors are cautiously awaiting further regulatory clarity from the SEC before making any major moves into the market.
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Another factor that boosts confidence in XRP It is the last listing. Cryptocurrency launches on the European version of Robinhood. As one of the largest trading and investment platforms, this is a major achievement for cryptocurrency as it opens the door to its adoption in the large European market.
Finally, the launch of the Grayscale XRP Trust has sparked hopes that an exchange-traded fund (ETF) for Spot XRP could soon be created. While no concrete applications have been submitted by any investment firms, the creation of the Grayscale XRP Trust is seen as a crucial first step toward the eventual approval of a Spot XRP ETF.
At the time of writing, the altcoin is trading at $0.59, up 1.17% over the past 24 hours.
Featured image created using Dall.E, chart from Tradingview.com
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