XRP Price Surges on Grayscale Trust News, Ripple CEO Predicts Growth

• Brad Garlinghouse was pleasantly surprised with the debut of an XRP trust.
• Grayscale announced plans for an XRP trust which might become an ETF in future.
• XRP token is up 5.7% in the past 24 hours with a 105% surge in trading volume.

Ripple CEO Brad Garlinghouse foresees a significant rise in XRP transfers as Grayscale prepares to launch an XRP investment trust, potentially paving the way for an XRP exchange-traded fund (ETF).

Garlinghouse expressed he was pleasantly surprised of Grayscale’s announcement, on X (formerly Twitter), stating: 

“As I’ve said before, with XRP having regulatory clarity in the US and other countries, I expect it’s only a matter of time for this space to grow.”

Grayscale’s XRP trust, the first of its kind in the United States, will be a closed-end fund offering accredited investors direct exposure to XRP, the seventh-largest cryptocurrency by market cap.

SCOOP: Grayscale to launch first US XRP trust, paving way for potential ETF@Grayscale is announcing the launch of the U.S.’s first XRP Trust, a so-called “closed-end” fund that will offer accredited investors direct exposure to $XRP.https://t.co/fjUdyAd7Nn

— Eleanor Terrett (@EleanorTerrett)
September 12, 2024

On the other hand, an X user pointed out that Grayscale is launching a bunch of new trusts that are focused on altcoins in order to make more money, adding that the new XRP trust has nothing to do with the cryptocurrency’s adoption. 

Interestingly, it is possible that XRP might file for the conversion of its XRP trust to a spot XRP ETF–a move similar to the conversion of GBTC and ETHE into spot Bitcoin and Ethereum ETFs respectively.

XRP Price Jumps as Ripple Moves Millions

Whale Alert flagged a substantial transfer of 150 million XRP tokens by Ripple to an unknown wallet. This move is likely tied to Ripple’s On-Demand Liquidity (ODL) services. Regardless of the transfer’s purpose, XRP’s price has reacted positively.

Read also: Will XRP Surge Again After the Bitcoin Halving?

According to the data from CoinMarketCap, the price of XRP surged a massive 5.77% in the past 24 hours and the leading digital asset is currently trading at $0.5684. The altcoin is up 4.70% in the past week but has dipped 1.75% in the last 30 days. While the cryptocurrency has risen 19.28% since September 2023, the XRP token is down 85.2% from its all-time high of $3.84 witnessed in January 2018.

Investor bullishness is reflected in XRP’s trading volume, which spiked 105.43% in the past 24 hours to reach $1.7 billion. The cryptocurrency’s market cap currently stands at $32 billion.

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