As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the recent performance of XRP has caught my attention. The fact that it outperformed other major cryptocurrencies in terms of weekly returns is noteworthy, especially considering its history and the ongoing legal battle with the SEC.
Just now, I came across an intriguing tweet from Grayscale Investments, showcasing the top 10 cryptocurrencies ranked by their one-week returns. The buzz in the crypto community is palpable as everyone’s eyes are drawn to the impressive numbers. As a crypto investor, I can’t help but feel a mix of excitement and anticipation, eagerly awaiting more updates from the dynamic world of digital assets.
Among the significant digital currencies, it was Ripple (XRP), the seventh-largest by market value, that recorded the highest weekly gains in its sector.
📸 Black-and-White Cryptocurrency Overview – Assets
— Grayscale (@Grayscale) September 19, 2024
This week, XRP saw a significant increase of 9.6%, surpassing the weekly growth rates of other prominent cryptocurrencies like Avalanche (8.4%), Bitcoin (8.1%), Binance Coin (5.7%), and Toncoin (5.2%) respectively.
In contrast, while Bitcoin was surging ahead, Dogecoin, Ethereum, Solana, Cardano, and Tron had more modest or negative returns at 3.1%, 1.9%, 1.8%, -1.5%, and -2.2% respectively.
Last week, Grayscale introduced the Grayscale XRP Trust, causing a surge in XRP’s price by approximately 10% to around $0.588 on September 12th. This upward trend persisted until September 14th, with XRP hitting peaks of $0.599. However, bulls met resistance at this level, leading to a period of range trading for XRP.
Currently, at this moment, XRP has decreased by 1.19% over the past 24 hours, and is now trading at approximately $0.58. This drop comes after a period of profit-taking in the crypto market, which followed an upward trend earlier in the week.
Grayscale spotlights Grayscale XRP trust
On Twitter, Grayscale announced that the Grayscale XRP Trust is now available to accredited investors who wish to invest in XRP, the digital asset that drives the XRP Ledger – a decentralized platform primarily utilized for international transactions.
Investment trusts, or “closely-held” investments, are characterized by a fixed number of shares available for purchase. On the other hand, Exchange-Traded Funds (ETFs) may have varying amounts of shares, making them more liquid and easily traded due to this flexibility.
In July of last year, Ripple achieved victory against the Securities and Exchange Commission as a judge decided that the sale of the token to individual investors via exchanges did not equate to a securities offering. This judgment paved the way for wider accessibility of XRP for trading.
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2024-09-20 18:52