In brief
- The first American spot ETF giving exposure to XRP debuted on Thursday.
- Bloomberg analyst Eric Balchunas was surprised at the size of the Rex-Osprey XRP ETF’s initial trading volume.
- The price of XRP has risen over the last day, and Myriad users believe it’ll keep climbing to a new high of $4.
The price of XRP rose on Thursday after investors rushed into the first U.S. exchange-traded spot fund to give exposure to the coin.
The price of XRP coin recently stood at $3.11 after rising about 2% over a 24-hour period, according to crypto data provider CoinGecko. The asset—the third-largest cryptocurrency in the ecosystem—is about 15% below its July all-time high mark of $3.65.
Its rise comes following Thursday’s debut of the Rex-Osprey XRP ETF by financial institutions Rex Shares and Osprey Funds. The fund is the first to give investors exposure to the Ripple-linked asset, and has already received close to $25 million in trading volume after just 90 minutes of trading.
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Author: Mathew Di Salvo
