Ripple’s XRP token amassed close to $1 billion in open interest over the weekend, while its price hovers around $0.61 at press time, data from CoinGlass shows. What’s Different About XRP Price Action? While the top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have been down 1.5% and 2.3% over the past week, XRP has been up 4.1% during the same period. Several factors could explain XRP’s counter-trend price action. For example, digital asset manager Grayscale Investments recently launched a closed-end XRP Trust in the US, enabling institutional investors to gain exposure to one of the top ten cryptocurrencies by reported market cap. Related Reading: Grayscale Unveils First XRP Trust In The US, ETF Ahead? Grayscale’s Trust surged by more than 11% within a week, hinting at strong institutional demand for the seventh largest crypto-asset. The launch of the Trust has also fuelled speculations about the potential approval of an XRP exchange-traded fund (ETF) shortly. If the US Securities and Exchange Commission (SEC) approves an XRP-based ETF, it would become only the third digital asset with its own ETF. A ..
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