Grayscale has pledged to have an XRP ETF listed on the secondary market, although the outcome is by no means a done deal. What is the significance of this trust and XRP used in it?
Firstly, it speaks to institutional interest in XRP. Grayscale is one of the largest digital asset managers, and the decision to create an XRP ETF means that the company sees upside potential and demand for this asset from investors.
Secondly, it could significantly expand access to XRP for accredited investors. Many institutional players prefer to operate through regulated investment products, and the Grayscale trust would provide them with such an opportunity.
Thirdly, if Grayscale manages to get this trust listed on the secondary market, it would further increase the liquidity and accessibility of XRP. This could draw in new investors and potentially affect the price of the asset.
Parenthetically, it should be noted that the launch of this trust comes amid ongoing litigation between Ripple and the SEC. Ripple's partial court victory last year most likely impacted Grayscale's decision to push for the launch of this product.