Saturday, April 17, 2021

Grayscale Investments Makes Its Record XRP Purchases

The largest digital asset manager in the world, Grayscale Investments, has recently leveraged the recent happenings in the cryptocurrency ecosystem to make its record-breaking buys.

The company increased its assets under management (AUM) by ten-fold in 2020, compared to the past year. Total assets under its management now stand above $20 billion, according to Grayscale’s recent report.

Contrary to the Report of Dumping XRP Significantly

Grayscale investments only made record-breaking XRP purchases, contrary to the report of dumping the digital token significantly.

Read Also: Crypto Enthusiast Makes a Case on Why Ethereum (ETH) Should Be Termed as Security like XRP

About two days ago, it appeared on various crypto news outlets that Grayscale dumped a huge part of its position in XRP. The report stated that the digital asset manager took the decision due to the uncertainty that surrounds the future of XRP, following the lawsuit filed by the U.S. SEC against Ripple. But the report was later disclaimed by a Grayscale spokesperson.

The latest report shows that Grayscale increased its exposure to XRP, rather than dumping it as earlier claimed.

In a tweet a couple of hours ago, the monitoring resource, CryptoWhale, pointed out that Grayscale had taken advantage of the recent developments to purchase XRP massively at a lower price.

According to the data captioned by CryptoWhale, Grayscale completed its largest purchase of XRP – 12.48 million coins – on New Year’s Eve.

CryptoWhale tweeted, “BREAKING: Grayscale Trust has made their largest purchase of XRP ever after scooping up another 12.48 million coins on New Years Eve after massive panic sell off.”

Read Also: Despite SEC’s Lawsuit, Ripple Unlocks about 1 Billion XRP, Sends 477 Million XRP to Jed McCaleb

As soon as this purchase was completed, the price of the cryptocurrency reacted with about a 20% increase, to trade between $0.2 and $0.24. At the time of writing, XRP is trading at $0.247, with about a 13% price increase based on 24 hours estimation.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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