Grayscale’s XRP Trust Fuels Price Surge and ETF SpeculationGrayscale has launched a new investment trust fund centered on XRP, propelling the token’s value by 8%, reaching a multi-week high of $0.582. The firm announced the new fund on September 12, confirming it mirrors the structure of its other single-asset trusts, exclusively focusing on XRP. This digital asset powers the XRP Ledger (XRPL), a blockchain developed by Ripple, known for its role in cross-border payments. Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, emphasized XRP's real-world utility, noting its potential to revolutionize traditional financial systems by enabling near-instant cross-border payments. The XRP Trust is now open for daily subscriptions from eligible investors, both individual and institutional.Grayscale has been expanding its portfolio aggressively. The XRP Trust follows the company's recent single-asset launches for MakerDAO, Bittensor, and SUI, indicating a clear strategy to broaden beyond its established Bitcoin and Ethereum Trusts. The launch has sparked speculation among the XRP community about a potential XRP ETF, given the recent approval of Bitcoin and Ethereum ETFs. However, this move faces hurdles. Nate Geraci, President of the ETF Store, cautioned that approval of an XRP ETF will likely require political intervention, while Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) poses further challenges. Analysts doubt the SEC will approve ETFs for assets beyond Bitcoin and Ethereum under current regulatory conditions. Nevertheless, some experts believe that changes in legislation could pave the way for broader crypto ETF approvals.“Grayscale is taking the first step in launching an XRP exchange-traded fund”…“The company has published an intended four-phase product life cycle for its XRP trust, leaving open the possibility of an ETF at some point in the future.”Will need some political help as well. https://t.co/t7cxqncT9n— Nate Geraci (@NateGeraci) September 12, 2024 SUI Trust Boosts Grayscale’s Institutional OfferingGrayscale also revealed on September 11 that its Sui Trust is now accessible to accredited investors. The SUI token, which drives the Sui blockchain, has seen a boost following this news, jumping 16.63% from $0.89 to $1.04 before stabilizing at $1.01. Developed by Mysten Labs, a team of ex-Meta engineers, the Sui blockchain went live in May 2023, offering a layer-one (L1) network designed for rapid transactions and low fees. Grayscale's new trust provides institutional investors exposure to SUI, aligning with the company’s strategy to increase investment opportunities in altcoins. With $1,008,433 in assets under management, each share of Grayscale’s SUI Trust represents 14.957 SUI tokens. This latest trust follows the company’s August 7 introduction of the Bittensor Trust, which invests in TAO, the native token of the Bittensor protocol. Both the Sui and Bittensor trusts allow accredited investors to gain exposure to these digital assets without the need to acquire tokens directly. Grayscale's continued push into altcoin investment vehicles is seen as a strategic effort to draw more institutional capital into the crypto space.This article has been refined and enhanced by ChatGPT.