As Grayscale Trust Nears, XRP Holders Are Betting on This New ICO – Is It the Right Move?

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

With Grayscale set to launch its XRP Trust investment product soon, but the XPR price stuck close to major moving averages in the $57 area, XRP holders are turning to a new ICO that might be able to deliver faster gains.

XRP popped 5.2% higher on Thursday amid news of Grayscale relaunching its XRP Trust, after it shuttered the investment offering back in 2021 due to regulatory uncertainty.

We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale $XRP Trust, which will be available through private placement.

Available to eligible accredited investors.

Read the press release: https://t.co/rOmVPUSFxZ pic.twitter.com/WEhk849RmT

But XRP has failed to break above key resistance levels in the form of its 50 and 200DMAs in the $0.55-57 area.

That has lead to fears growing that the Grayscale announcement might not end up being a positive catalyst for the market.

With XRP down over 7% year-to-date, per CoinMarketCap, the crypto has been an underperformer out of the major names.

By contrast, Bitcoin (BTC), BNB (BNB) and Solana (SOL) are up between 30-76% so far this year, despite pulling well back from recent highs.

XRP might be tempted to jump ship to an alternative major crypto with a better performance track record.

Alternatively, some XRP holders might be tempted by high-potential projects in the ICO market, with one new ICO in particular attracting a lot of attention recently.

The new ICO in question is called Shiba Shootout (SHIBASHOOT), a fun Wild West Shiba Inu-themed play-to-earn game.

Here’s