In a remarkable display of institutional confidence, Grayscale’s XRP Trust has achieved an impressive 11.44% growth in net asset value (NAV) since its launch. This surge underscores the increasing appeal of XRP among institutional investors.
🚨BREAKING: Grayscale #XRP Trust Sees 11.44% NAV Growth Since Launch Showing Rising Institutional Interest! pic.twitter.com/29PO6JeAFZ
— JackTheRippler ©️ (@RippleXrpie) September 19, 2024
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The launch of the Grayscale XRP Trust itself was a significant milestone, considering Ripple’s partial victory against the SEC. This growth that is observed within the first week of the launch is commendable.
At press time, the XRP price is up by 2.5% in the 24-hour chart at $0.5873. On a weekly chart, XRP has shown nearly 7% gains due to all the new developments on the XRPL, Grayscale XRP Trust, and the partnerships with Apotos Labs.
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As of September 17, 2024, the trust NAV per share reached $11.77, marking a significant minestrone. Although the value dipped to $11.49 by the end of the trading on September 18, the overall growth trend remains robust. This development in such a short time-span indicates that it is attracting a significant amount of institutional interest.
Additionally, Grayscale’s decision to reopen private placement offerings for XRP and other cryptocurrency trusts is expected to further fuel institutional investment. Accredited investors can now subscribe to shares of 18 key cryptocurrency trusts, including XRP.
While the XRP Trust’s growth is impressive, other Grayscale trusts, such as the SUI Trust, have demonstrated even more remarkable gains.
The rising institutional interest in XRP, as evidenced by Grayscale’s XRP Trust, may contribute to increased market stability and confidence. As more institutional investors enter the space, XRP’s potential for long-term growth becomes increasingly compelling to the investors.
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Also Read: Ripple’s Bullish Breakout: A $1 Surge Imminent?
