Ripple CEO Reacts to Grayscale's XRP Trust

The CEO of Ripple, Brad Garlinghouse, recently responded to Grayscale's creation of an XRP trust on the social media site X.

Ripple CEO Brad Garlinghouse has expressed pleasant surprise over Grayscale's creation of an XRP Trust, emphasizing that XRP's regulatory clarity in the United States sets the stage for market growth. He anticipates the cryptocurrency space will expand as more assets gain legal recognition.

After Grayscale announced the creation of an XRP Trust on Wednesday, sparking excitement within the community, Garlinghouse reacted by sharing a funny GIF on the social media site X, which quickly went viral among XRP enthusiasts.

Later on Thursday, the Ripple executive elaborated on the announcement, revealing that he was "pleasantly" surprised by the news. “As I've said before, with XRP having regulatory clarity in the US and other countries, I expect it's only a matter of time for this space to grow,” the analyst added.

Grayscale was also reported to be planning to launch a bitcoin closed-end fund, according to Fox Business.

This development may pave the way for the eventual introduction of an XRP exchange-traded fund, as reported by U.Today. The price of the contentious token has increased by nearly 5%.

In the past, Garlinghouse has stated on several occasions that the launch of this product is "inevitable." Investors would rather not be exposed to a single asset, according to the Ripple CEO. In his analysis, he found similarities between cryptocurrency and precious metals, suggesting that those interested in gold could also benefit from acquiring silver.

When asked about the token's market size and whether ETF providers may consider it, a Ripple official also mentioned the token's market size.

Last year, Judge Analisa Torres ruled that secondary XRP sales were not unregistered securities, which provided regulatory clarity for the coin in the United States.

Grayscale liquidated the XRP Trust and removed the token from its large-cap fund in early 2021, following Ripple's SEC lawsuit. However, the token was later reintroduced into the fund earlier this year.

XRP has the potential to transform the current financial system, according to Grayscale's Rayhaneh Sharif-Askary, who commented on the XRP trust announcement.

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