XRP ETF could be on the cards as Grayscale sponsors the XRP price display along with Bitcoin
The XRP Army has spotted an ad from Grayscale showcasing XRP alongside Bitcoin and Ethereum prices.
Chad Steingraber, a well-known member of the XRP community and professional game designer, recently brought attention to this development in a tweet.
Steingraber shared a recording of CNBC's televised “Crypto Watch” with the prices of three popular cryptocurrencies. In particular, the exhibition showed the market values ββof Bitcoin (BTC), Ethereum (ETH) and XRP.
At the same time, the exhibition was sponsored by Grayscale, the world's largest cryptocurrency asset manager in the spotlight. Grayscale's decision to sponsor a display of XRP prices alongside the leading cryptocurrencies renewed speculation that the well-known asset manager could launch an XRP exchange-traded fund (ETF).
βTell me with a straight face that Grayscale has no plans to restart its XRP ETF funds.β Steingraber noted.
Tell me with a straight face that Grayscale has no plans to restart its #XRP ETF funds.
π https://t.co/CdzxAGo1Vr pic.twitter.com/TqvnSu1WCV
β Chad Steingraber (@ChadSteingraber) December 28, 2023
Why Grayscale XRP ETF is likely
Recall that Grayscale previously included XRP in its XRP Trust and GDLC products. However, in 2021, Grayscale removed XRP from its Digital Large Cap fund, a move that followed the SEC's assertion that XRP constituted an unregistered security.
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At the same time, Grayscale initiated the dissolution of its standalone XRP Trust in response to the SEC's lawsuit. The company explained that the legal action made it difficult for the trust to convert XRP into dollars, especially since several US-based exchanges had delisted XRP.
However, the new ad showcasing XRP alongside BTC and ETH conveys a message of hope for the XRP army. Note that Grayscale is currently pushing to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF.
Additionally, Grayscale is pursuing a similar goal of converting its Ethereum trust into an exchange-traded fund that invests directly in ETH. The company reportedly filed a revised S-3 filing with the US regulator as Barry Silbert, the parent company's CEO, resigned.
Ultimately, the recent advertisement showcasing the price of XRP alongside BTC and ETH has led the XRP community to speculate that Grayscale may be considering a move to reintroduce support for XRP. In addition, XRP now has clear regulatory status in the United States.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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