Advertisement
AD

Main navigation

Ripple CEO Breaks Silence on Grayscale XRP Trust, Shares Key Prediction

Advertisement
Fri, 13/09/2024 - 10:21
Ripple CEO Breaks Silence on Grayscale XRP Trust, Shares Key Prediction
Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Top asset manager Grayscale Investments shocked the crypto community when it unveiled its XRP Trust earlier this week. After closing the fund in the wake of the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit, relaunching this product still made it the first of its kind on U.S. markets.

Advertisement

Ripple CEO reacts

This landmark move has triggered commentary from Ripple Labs CEO Brad Garlinghouse. Taking to the X platform, Garlinghouse said he was pleasantly surprised to see the news. However, he claimed it was inevitable considering the legal clarity of the coin now secured in the United States.

Related

The Ripple CEO attributed this Grayscale XRP Trust to the regulatory clarity around the coin. He said that, with similar legal clarity in multiple jurisdictions, it is only a matter of time before "this space grows."

Before the lawsuit in December 2020, Ripple Labs had many U.S.-based business partners, including Moneygram and top industry exchanges. To avoid being caught in the legal saga, many had to temporarily cut ties with the coin.

This has long impacted XRP and Ripple’s businesses and has generally contributed to the price drawdown the former has recorded in the past three years.

Tide turning in XRP’s favor

It is worth noting that the tide is turning for XRP. This Grayscale XRP Trust might usher in more related products for both accredited and retail investors.

Many are already speculating that this product might eventually see the launch of a spot XRP ETF product. This forecast is common, as many see Grayscale as the primary push for ETF offerings, most of which are conversions from its trust offerings. 

Related

The first did this for its Bitcoin and Ethereum spot ETF products, launched earlier this year. The prospects of XRP advancing in the top offerings has caused its price to rebound by 5.38% at the time of writing to $0.5661.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD