Grayscale to Dissolve XRP Trust Due To Market Reaction to SEC Lawsuit
AI Trading

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

AI Trading

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.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.