XRP Price Skyrockets 7% as Grayscale Launches Dedicated Ripple Trust

Grayscale Investments has announced the latest product in its portfolio of over 20 crypto investment vehicles and it will track the performance of Ripple’s native token – XRP.

Eligible individual and institutional accredited investors have the option for daily subscriptions from today.

The announcement from Grayscale described XRP’s token as the asset “powering the XRP Ledger (XRPL), a distributed peer-to-peer network created to facilitate cross-border financial transactions.”

“We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.”- said Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askary.

Grayscale, founded over a decade ago, already has two of its products converted into spot exchange-traded funds. Namely, those are the former private Trusts tracking Bitcoin and Ethereum. However, both have seen a massive exodus of capital after their conversion in January and July, respectively.

XRP’s price reacted immediately to the news. The token soared by over 6% within an hour and jumped from under $0.54 to over $0.585 before settling at $0.57.