Bill Morgan Applauds Grayscale's Strategic Move To Add XRP and AVAX to Digital Large Cap Fund

On January 4, 2024, Grayscale Investments strategically reshaped its Digital Large Cap Fund portfolio, as revealed in its SEC filing. The firm incorporated XRP and AVAX, influenced by XRP's legal resolution and CNBC visibility.

Timeline of Avalanche, Xrp

2024 is a year packed with pivotal changes. The nod for a Bitcoin Exchange-Traded Fund (ETF) and the Federal Reserve's accommodating stance hint at a more stable and intriguing market. Bitcoin's upcoming fourth halving, expected in April, promises historic price surges. The EU's enactment of the Markets in Crypto-assets Law (MiCA) bolsters investor protections.

XRP fell 1.99% to $0.5762 on Friday after gaining 0.88% the day before. While the SEC v Ripple lawsuit did not directly affect XRP's demand, investor attention was drawn to the Coinbase case. In the Coinbase lawsuit, the SEC asked Judge Failla to examine the recent SEC v Terraform Labs verdict.

Following an extended period of sideways consolidation, the price underwent an unforeseen impulsive cascade, breaching the lower boundary of the range. Consequently, the market appears to have transitioned into a phase of successive bearish movements, signaling prevailing negative sentiment.

Jeremy Hogan, a lawyer known for his commentary on XRP and cryptocurrency legal matters, took to the X social mediaplatform to report a significant transaction linked to Bitcoin's elusive creator, Satoshi Nakamoto.

Prominent digital asset manager Grayscale recently adjusted the weightings of key products within its portfolio. Notably, changes were made to the Grayscale Digital Large Cap Fund, Grayscale DeFi Fund, and Grayscale Smart Contract Platform Ex-Ethereum Fund.

Grayscale, an operator of largest crypto-based OTC investment products, reconsidered its funds component weightings after fourth quarter 2023 reviews. Some major altcoins and top DeFi assets were removed from Grayscale's baskets, but XRP's comeback is the most anticipated development.

Fox journalist Eleanor Terrett has hinted at upcoming investigations related to XRP and Ethereum. Her focus stems from discussions within the crypto community, particularly centering on a 2021 proposal by Jimmy Vallee. Vallee suggested that the U.S. Federal Reserve might buy back XRP tokens at an ambitious $30,000 each.

XRP, one of the most popular cryptocurrencies fostered by Ripple Labs, curates a hurricane of speculations across the crypto realm today as the token recorded significant whale transfers to a CEX recently. Intriguingly, these whale transactions have stirred a whirlpool of inferences among crypto market enthusiasts globally following their emergence amid the token's price drop.

The chart analysis unveils a dramatic breakdown following a consolidation phase, indicating a pronounced sell-off leading to rapid liquidations and a considerable decline in prices. Such market behaviour often signifies a scenario where selling pressure outweighs buying interest, triggering widespread stop-loss orders and intense market movements.

XRP has recently experienced a seismic price drop, one we have not seen since August. A massive price wick, as shown on the chart, liquidated millions of dollars worth of derivatives in less than an hour.