Grayscale's XRP Spotlight in Cross-Border Payments: Catalyst for Price Surge?

November 24, 2023 at 02:37 AM GST 2 mins read News

Grayscale’s endorsement of XRP’s cross-border potential elevates its market standing and utility.
XRP’s resurgence as the second-largest asset in Grayscale’s framework signals restored confidence in its value.
Speculation on Grayscale’s re-engagement with XRP sparks excitement, potentially increasing institutional interest and demand.

Grayscale, a prominent investment firm, thrust XRP into the limelight earlier this month by spotlighting its role as an alternative to SWIFT for cross-border transactions. This recognition came within the update to Grayscale’s Crypto Sector framework, aiming to provide investors with comprehensive insights into the crypto asset landscape.

Read CRYPTONEWSLAND on

google news

The report emphasized the fundamental divergence between cryptocurrencies and fiat currencies, underlining the absence of governmental control, which could impact conventional financial mechanisms through actions like money printing and interest rate reviews. Grayscale’s scrutiny placed XRP among the largest assets in its Crypto Sector framework, comprising Bitcoin, Litecoin, Bitcoin Cash, Stellar, Monero, and Bitcoin SV. Notably, Ethereum’s absence raised eyebrows, elevating XRP to the second-largest asset within Grayscale’s tracked portfolio.

Grayscale’s endorsement of XRP’s utility as a cost-effective and rapid cross-border payment solution echoes beyond its potential for transactional efficiency. It reignites speculation about Grayscale’s potential reconsideration of XRP support, signaling a potential resurgence of institutional interest in the digital asset.

The renewed attention towards XRP could significantly influence investor sentiment and demand, potentially catalyzing increased market activity around XRP. At present, XRP trades at $0.618733, showcasing slight upward movement in the last 24 hours and seven days.
CoinCodex’s forecast predicts a potential 32.31% rise, projecting XRP to reach $0.812065 by November 28, 2023. With a Bullish sentiment in technical indicators and a Greed index at 66, the market has displayed 53% green days in the last 30 days.