Grayscale Investments, a leading asset management firm, has officially confirmed the relaunch of its XRP Trust. The firm highlighted XRP’s position as the top performer among the ten largest cryptocurrencies by market capitalization. Grayscale announced on social media that the XRP Trust is now available for accredited investors seeking direct exposure to the cryptocurrency.
Though Grayscale reopened the XRP Trust last week, it has continued informing clients about the offering. The company also provided a link for investors to access detailed information about the trust and important disclosures. Since its relaunch, the XRP Trust has shown impressive growth. Its net asset value (NAV) reached $11.79 per share, reflecting a 14.35% increase since the relaunch. This marks a 3.05% rise from its previous NAV of $11.44 recorded on September 18. The significant rise in NAV demonstrates increasing interest in XRP from institutional investors.
XRP Outperforms Bitcoin, Ethereum, and Other Top Cryptos
The rising interest in XRP has also fueled a price surge, with XRP currently trading at $0.5863. Grayscale’s recent market analysis revealed XRP as the best-performing cryptocurrency among the top 10 by market cap. The data, collected on September 18, shows XRP gained 9.6% over the past week, outperforming Avalanche (AVAX), Bitcoin (BTC), and Binance Coin (BNB), which posted gains of 8.4%, 8.1%, and 5.7%, respectively.
Related article: Ripple Fuels XRP ETF Excitement with Major 150 Million XRP Move
Other notable cryptocurrencies, including Dogecoin (DOGE), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX), recorded smaller weekly gains, with some even showing negative returns.
Speculation on XRP ETF Boosts Market Interest
XRP’s strong performance has been partially driven by speculation about the possibility of an XRP exchange-traded fund (ETF). Many believe that the relaunch of Grayscale’s XRP Trust could be the precursor to an ETF based on the asset. Grayscale already manages four crypto ETFs, two linked to Bitcoin and two connected to Ethereum.
Related article: Ripple CEO Predicts XRP Growth Following XRP Trust Launch
Currently, Grayscale’s plan involves transitioning its crypto trusts into spot-based ETFs. However, the XRP Trust is still in the early stage of this process. The first phase, Private Placement, allows only accredited investors to participate, with a one-year lock-up period.
The next phases in the evolution of the XRP Trust include Public Quotation and SEC Reporting. In these stages, the trust would open to a broader range of investors and comply with regulatory requirements. The final stage could involve converting the trust into a spot-based ETF, similar to Grayscale’s Bitcoin and Ethereum trusts.
