© Reuters
The latest report from Grayscale Investment highlighted XRP as a formidable competitor to traditional cross-border payment systems such as SWIFT, citing its ability to facilitate faster transactions at lower costs. The Crypto Industry Executive, which rates several leading cryptocurrencies, places XRP with a 4% share of the market capitalization, ranking it second only to Bitcoin (BTC) in terms of market dominance.
Grayscale’s analysis comes amid conversations that the investment firm could reinstate its support for XRP. This speculation follows the anticipated conversion of the GBTC Trust into an ETF and the recent favorable ruling on July 13 that determined that XRP is not a security. Despite this decision, Grayscale has not reinstated XRP into its GDLC vehicle since support stopped in January 2021 due to an SEC lawsuit against .
The , meanwhile, was praised in the report as a financial haven for people living in countries experiencing high inflation rates. Grayscale’s framework also looked at other major cryptocurrencies such as (LTC), (BCH), Lumens (XLM), Monero (XMR), and Bitcoin SV (BSV), notably excluding (ETH) from their valuation.
The focus on the potential of XRP and Bitcoin’s role as a safe-haven asset highlights the evolving outlook on the cryptocurrency market and Grayscale’s strategic approach to investing in digital assets. As the landscape evolves, Grayscale’s actions, particularly as it relates to XRP, are closely followed by investors and industry observers.
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