Grayscale to launch first US XRP trust, paving way for potential ETF

Published On Sep 12, 2024, 4:46 AM

Grayscale is set to launch the first XRP trust in the U.S., providing accredited investors direct exposure to XRP, the cryptocurrency used on the Ripple blockchain. This trust is seen as a step toward potentially developing an XRP exchange-traded fund (ETF) in the future. The SEC has been engaged in legal disputes regarding XRP's status, which adds uncertainty to any ETF application. Grayscale's experience with converting Bitcoin and Ethereum trusts to ETFs positions them well, and they believe XRP could significantly enhance cross-border payment systems. XRP currently trades at $0.54, with hopes building for its price to increase post-launch, similar to trends noticed after recent crypto ETF approvals.