In a tremendous show of institutional confidence, Grayscale’s XRP Trust has achieved an 11.44% NAV growth since its launch, which highlights increasing institutional interest in XRP.
In a recent X post, the well-known crypto pundit, Crypto Moses noted that “XRP Trust Performance Rises! Grayscale’s XRP Trust NAV hits $11.77, signaling strong momentum.” the users who commented on this post also agreed with it. One of the users shared that this indicates growing institutional interest, suggesting the potential for further gains if market conditions remain favorable.
As of September 17, 2024, the trust NAV per share reached $11.77, which marked a significant milestone. Although the value dipped to $11.49 by the end of the trading on September 18, the overall growth trend remains strong. This development in such a short period implies that it is attracting a significant amount of institutional interest.
Besides, Grayscale’s decision to reopen private placement offerings for XRP and other cryptocurrency trusts is anticipated to further fuel institutional investment. This development now allows the Accredited investors to subscribe the shares of 18 key cryptocurrency trusts, including XRP.
The XRP Trust maintained the momentum, as it reached $11.77 on Tuesday, September 17. However, at the end of trading yesterday, the value dropped to $11.49. According to Grayscale’s data, the XRP Trust’s NAV per share one-day percentage change is a negative 2.38%.
Although the performance dropped as if Wednesday, the current value has signifcantly improved from the last week’s figure. Notably, the growth from $10.31 to the current $11.49 represents an 11.44% increase.
Notably, the Grayscale SUI Trust has shown a remarkable 24-hour increase in NAV per share of 7.85%, while XRP has experienced a 2.38% decrease during the same period.
This could be explained by the fact that XRP’s value briefly dipped to just around $0.56 yesterday before recovering to $0.585, on the other hand, SUI’s market price is up by over 13% today.
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