XRP still roughed up – Bad news continues to fall for Ripple Labs and its interbank token. The investment company Grayscale has indeed just taken one more step towards the total withdrawal of XRP from its crypto funds intended for institutions.
Ripple’s XRP abandoned by Grayscale
The company Ripple Labs , issuing the Bitcoin Loophole, accumulates trouble since the Securities and Exchange Commission (SEC) has called its interbank token of securities ( securities ).
Among the crypto exchanges and offers offering XRP, Grayscale Investments had already stopped all new subscriptions (and canceled pending ones) for its investment fund Grayscale XRP Trust.
In a new press release shared by OTC Markets, Grayscale now announces that its multi-cryptomonnaies funds – Grayscale Digital Large Cap Fund (GDLC) – contains no more XRP simply.
The decision was made on December 31, 2020. The XRP of this fund were all resold , to be replaced by the 4 other crypto-assets of the Digital Large Cap Fund. Grayscale thus bought more Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) instead of the Ripple token.
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The new composition of this fund (below) also always gives pride of place to bitcoins , which weigh 81.6% on their own, followed by ethers which constitute 15.9% , litecoins and other Bcash supplementing the last remaining percent.
However, XRPs accounted for only a small portion (1.4%) of the GDLC before their (final?) Withdrawal.
With this new defection, Ripple finds himself more and more isolated in the face of the SEC’s accusations. Will Grayscale go so far as to completely dissolve its XRP fund? In any case, this is the very last step that the investment company would have to take, if it wants to get rid of any risk associated with the future of XRP.