Grayscale XRP Trust Has Impressive 11.7% Growth in its NAV, Indicating a Strong Performance
In a recent analysis, crypto expert Moses highlighted that the net asset value (NAV) of the XRP Trust by Grayscale has spiked to $11.77, indicating strong momentum in the market. The surge in NAV has been attributed to growing institutional interest in XRP, as observed by commenters on the post.
Grayscale XRP Trust Net Asset Value Hits $11.77
Since its launch last week, the trust’s NAV per share has been consistently increasing. On September 6, the NAV stood at $10.31, experiencing a subsequent rise to $10.81 before a minor correction. By September 12, the NAV had climbed to $11.25.
Read Also: Big Ripple Transaction Alert: 100M XRP Moved, 19.7M Headed to Bitso Exchange
The momentum continued, with the NAV reaching $11.77 on September 17. However, by the end of the trading day yesterday, the value had decreased to $11.49, marking a 2.38% one-day percentage change in NAV.
Interestingly, despite the announcement of the reopening of private placement offerings for XRP and other cryptocurrency trusts by Grayscale, the NAV per share saw a negative growth of 2.38%. Although Wednesday’s performance showed a decline, the current value still reflects a significant increase from last week, with a growth of 11.44% from $10.31 to $11.49.
Comparatively, other Grayscale trusts, such as the SUI Trust, have outperformed the XRP Trust. The SUI Trust observed a substantial 24-hour positive change of 7.85% in NAV per share, while XRP experienced a 2.38% decrease during the same period.
Price Action
The notable discrepancy in performance could be attributed to XRP’s temporary drop to around $0.56 before rebounding to $0.585 with a 1.15% growth. In contrast, SUI’s market price surged by over 13% on the same day. As of now, the Grayscale XRP Trust’s assets under management have risen to $646,729, indicating a significant increase from the previous day’s figure of $622,000.
Read Also: Analyst Predicts Massive Surge for XRP, With a Potential Increase of 9468% to Reach Impressive $27
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
