- Major cryptocurrencies are currently performing well, with Sui and XRP showing notable increases.
- Sui has surged by 27% over the past week, while XRP has risen by 4% in the last 24 hours.
- The uptick follows the launch of several Grayscale Trust products.
- Ripple plans to bring advanced programmability and smart contracts to the XRPL, expanding its use cases.
Major cryptocurrencies are in the green, among them Sui and XRP with some of the strongest gains in the past few days.
Sui has rallied 27% in the past week, while XRP has gained 4% in the past day. This comes after XRP initially shot up from US$0.53 (AU$0.78) to US$0.57 (AU$0.84) but has lost some of these gains and currently trades for US$0.55 (AU$0.81).
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Price Increases Post Trust Launch News
The price increase follows Grayscale’s launch of a new investment fund called Grayscale XRP Trust. The trust is a single-asset fund “available through private placement […] to eligible accredited investors”.
The fund, which is seen by some as prerequisite for an exchange-traded fund (ETF) down the track, trades primarily over the counter, unlike an ETF.
Grayscale’s head of product and research, Rayhaneh Sharif-Askary, commented on the launch in a statement:
As crypto investors diversify beyond Bitcoin and Ethereum, we believe in providing exposure to protocols that solve real-world problems. XRP can reduce frictions in international payments, enabling more efficiency in an evolving global economy.
Sui also had a recent fund launch – the Grayscale SUI Trust – which is now fully available to “eligible accredited investors” for trading.
Source:
https%3A%2F%2Fcryptonews.com.au%2Fnews%2Fxrp-sui-rally-amid-grayscale-trust-launch-in-us-xrpl-to-see-smart-contract-capability-123346%2F