Grayscale Launches First U.S. XRP Trust

Grayscale Investments has launched a new XRP Trust, offering accredited investors exposure to XRP, the cryptocurrency used in the XRP Ledger for cross-border transactions. This follows a 2023 court ruling that XRP is not a security when sold on secondary markets, although it is considered a security when sold to institutional investors. The announcement led to a significant increase in the price of XRP, reflecting investor enthusiasm. Grayscale's move is seen as a step towards potentially converting the trust into an exchange-traded fund (ETF), pending regulatory approval. The firm had previously dissolved its XRP trust in 2021 due to the SEC's lawsuit against Ripple Labs. This development underscores Grayscale’s confidence in XRP's potential to revolutionize financial infrastructure.