In a significant development for the crypto world, Grayscale announced the launch of the first-ever XRP trust in the United States, sparking excitement throughout the industry. This move by Grayscale has been seen as a potential precursor to the much-anticipated spot XRP ETF.
Ripple CEO Brad Garlinghouse responded to the news on his X account, stating that while he was surprised at first, he ultimately viewed it as an inevitable outcome given the legal clarity XRP has gained in the U.S. Garlinghouse emphasized that this decision would lay the foundation for further XRP growth, suggesting that it’s only a matter of time before XRP sees significant advancements.
Was (pleasantly) surprised to see this news…though inevitable, as well?!
As I’ve said before, with XRP having regulatory clarity in the US and other countries, I expect it’s only a matter of time for this space to grow. https://t.co/tIqZMZeuNW
— Brad Garlinghouse (@bgarlinghouse) September 12, 2024
Grayscale’s Move and Its Implications for XRP
Grayscale’s decision to launch an XRP trust was widely celebrated in the cryptocurrency sector. Many experts believe that this could pave the way for a spot ETF in the future, much like Grayscale’s products for Bitcoin (BTC) and Ethereum (ETH).
Garlinghouse echoed this sentiment, noting that XRP’s legal victory in the U.S. has removed barriers, making Grayscale’s move both strategic and timely. He further predicted that this could accelerate XRP’s expansion in the market.
Experts analyzing the situation also suggest that XRP’s fortunes are turning in its favor, with the Grayscale trust being viewed as a key step toward a broader acceptance of XRP in mainstream financial products.
XRP’s Market Reaction
Following Grayscale’s announcement, XRP experienced a notable surge, with prices jumping over 5% in 24 hours to trade at $0.566. This rise reflects the growing optimism in the market surrounding XRP’s future.
As Grayscale continues to be a primary driver behind spot ETF proposals, many in the industry expect that the newly launched XRP trust could eventually lead to the creation of a spot XRP ETF.
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