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Grayscale XRP Spotlight stuns crypto community: Details

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Crypto asset manager Grayscale Investments provided a weekly overview of the top 10 crypto assets by one-week return in a recent tweet, and the results have caused excitement in the crypto community.

XRP, the seventh-largest cryptocurrency by market cap, led the weekly returns among major cryptocurrencies.

XRP posted a weekly gain of 9.6%, outperforming other major cryptocurrencies including Avalanche, Bitcoin, Binance Coin, and Toncoin, which posted weekly returns of 8.4%, 8.1%, 5.7%, and 5.2%, respectively.

Dogecoin, Ethereum, Solana, Cardano and Tron lagged with returns of 3.1%, 1.9%, 1.8%, -1.5% and -2.2% respectively.

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Last week, Grayscale announced the launch of the Grayscale XRP Trust, which helped push the price of XRP up by about 10% to nearly $0.588 on September 12. The surge continued until September 14, with XRP reaching highs of $0.599, where bulls faced resistance, resulting in XRP range trading.

At the time of writing, XRP was down 1.19% to $0.58 over the past 24 hours as the crypto market faced mild profit-taking following a rally earlier in the week.

Grayscale sheds light on Grayscale XRP confidence

In a tweet, Grayscale explained that the Grayscale XRP Trust is currently open to eligible accredited investors who want to gain exposure to XRP. XRP is the basis for the XRP Ledger, a distributed network for cross-border payments.

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Trusts are closed-end investments, meaning that only a fixed number of shares are available. Exchange-traded funds can have a different number of shares, making them more tradable.

In July last year, Ripple scored a victory over the U.S. Securities and Exchange Commission when a judge ruled that selling the token to retail customers through exchanges did not constitute a securities offering. The ruling opened the door for wider availability of XRP for trading.

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