Grayscale, a leading digital asset manager, recently introduced its XRP Trust in response to the favorable court ruling in the Ripple v. SEC lawsuit, which spanned nearly four years. Although the possibility of an appeal remains, the launch of the XRP Trust marks a significant step toward the potential creation of an XRP ETF. Market analysts suggest that such a fund could bring substantial capital inflows, potentially boosting XRP’s price.
Following the news of the Grayscale XRP Trust, XRP saw a price surge, reaching $0.588 on September 12, a notable increase not seen in several weeks. However, the price later corrected to around $0.5820.
Despite the upward momentum, Sensei announced via social media platform X that he would be shorting XRP at the current price levels. He has consistently referred to XRP as a “shitcoin,” dismissing its growth potential and future prospects. Sensei remains unimpressed with XRP’s role in the Ripple ecosystem and its use in facilitating payments, maintaining that the token is of low quality.
Despite Sensei’s skepticism, XRP outperformed many digital assets, recording a 5% price increase compared to Bitcoin’s 1.39% gain during the same period. On September 13, XRP closed at $0.5727, marking its first close above $0.57 since August.