According to the latest news, Grayscale Investments has sold almost all of its holdings of XRP to buy cryptocurrencies. These include major cryptocurrencies like Ether, Bitcoin and so on. The firm made the announcement on 5th January, 2021 that their fund has removed all XRP and used the proceeds of the sale to purchase “Bitcoin, Ethereum, Litecoin and Bitcoin Cash”.
The crypto-whale is currently the world’s largest cryptocurrency asset manager. They further announced revised and updated weightings for their Digital Large Cap Fund in accordance with its quarterly review.
It was not long back when the Grayscale Investment agency announced that they had bought a major share of XRP tokens that they held in the aforementioned Digital Large Cap Fund. But soon after this purchase, news of the crypto-whale selling off these holdings comes to shake up the cryptocurrency market.
Grayscale To Sell Off XRP Tokens Bought Right Before New Year
According to sources, Grayscale had earlier purchased these tokens of XRP at a reduced price. The firm had acquired over $12 million worth of XRP tokens. This news of this purchase was made known to the public on 31st December alongside New Year’s Eve celebrations across the globe.
However, call it a change of mind, this twist in Grayscale’s tale has created a ripple in the crypto-market. Investors in the cryptocurrency market who trust the moves made by this leading crypto-asset management agency have started to make bigger moves that have perturbed current Bitcoin or other cryptocurrency value.
Other sources also argue that this move might be linked to the other authorized participant in the Digital Large Cap Fund, called the Genesis Global Trading. This agency had made their announcement regarding the suspension of their XRP trading prior to Grayscale’s official statement. XRP tokens are also continuing to suffer owing to the long-standing litigation between Securities and Ripple Labs.
