Why Ripple (XRP) Is Soaring Today

The XRP (CRYPTO: XRP) cryptocurrency, often known as Ripple, jumped as much as 6.5% higher on Thursday morning. By 11:45 a.m. ET, the digital currency traded at 4.4% above the price from Wednesday's traditional market-closing bell. XRP rose as a familiar fund manager announced the formation of a mutual fund focused on owning XRP tokens.The fund manager in question is Grayscale, a veteran of running mutual funds and exchange-traded funds (ETFs) in the cryptocurrency sector. The Grayscale Bitcoin Trust ETF (NYSEMKT: GBTC) was launched as a mutual fund in 2015, and the Grayscale Ethereum Trust (NYSEMKT: ETHE) came along three years later. Both funds were converted into ETFs in 2024 as the U.S. Securities and Exchange Commission (SEC) finally allowed the creation of spot-price crypto ETFs.Today, the firm has started up an XRP trust, which is currently available only to accredited investing professionals. The fund should become available to retail investors over time, followed by quarterly management reports to the SEC and then an ETF conversion. That's Grayscale's published lifecycle for crypto funds, and its XRP product is only getting started.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool