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In a recent tweet, crypto asset manager Grayscale Investments provided a weekly snapshot of the top 10 crypto assets by one-week returns, and the results have left the crypto community buzzing.
XRP, the seventh largest cryptocurrency by market capitalization, led weekly returns among major cryptocurrencies.
XRP achieved a weekly gain of 9.6%, outperforming other major cryptocurrencies, including Avalanche, Bitcoin, Binance Coin and Toncoin, which posted weekly returns of 8.4%, 8.1%, 5.7% and 5.2% respectively.
Meanwhile, Dogecoin, Ethereum, Solana, Cardano and Tron trailed behind with returns of 3.1%, 1.9%, 1.8%, -1.5% and -2.2%, respectively.
Tomiwabold OlajideIn the past week, Grayscale announced the launch of the Grayscale XRP Trust, which helped propel the price of XRP up by about 10% to near-$0.588 on Sept. 12. The rise continued until Sept. 14, with XRP reaching highs of $0.599, where bulls encountered resistance, resulting in XRP range trading.
At the time of writing, XRP was down 1.19% in the last 24 hours to $0.58, as the crypto market faced slight profit-taking following a rally earlier in the week.
Grayscale spotlights Grayscale XRP trust
In a tweet, Grayscale stated that the Grayscale XRP Trust is currently open to eligible accredited investors seeking exposure to XRP, which powers the XRP Ledger, a distributed network used for cross-border payments.
Godfrey BenjaminTrusts are closed-end investments, which means that there is a set amount of shares accessible. Exchange-traded funds might have a different number of shares, which makes them more tradable.
Last year in July, Ripple scored a win over the Securities and Exchange Commission when a judge ruled that sales of the token to retail users through exchanges do not constitute a securities offering. The ruling opened the door to broader availability of XRP for trading.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin