Grayscale XRP Trust ETF (NYSEARCA:GXRP) Sees Large Growth in Short Interest

Grayscale XRP Trust ETF (NYSEARCA:GXRP) saw a large increase in short interest in August. As of August 31st, there was short interest totaling 210,834 shares, an increase of 116.7% from the August 15th total of 97,306 shares. Based on an average daily volume of 76,566 shares, the short-interest ratio is presently 2.8 days. Approximately 8.6% of the shares of the stock are short sold.

Institutional Investors Weigh In On Grayscale XRP Trust ETF

A hedge fund recently bought a new stake in Grayscale XRP Trust ETF stock. Gallacher Capital Management LLC bought a new stake in shares of Grayscale XRP Trust ETF (NYSEARCA:GXRP) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,981 shares of the company’s stock, valued at approximately $728,000. Gallacher Capital Management LLC owned approximately 1.14% of Grayscale XRP Trust ETF at the end of the most recent quarter.

Grayscale XRP Trust ETF Price Performance

Shares of NYSEARCA:GXRP traded down $3.12 during midday trading on Tuesday, reaching $25.13. 71,298 shares of the company were exchanged, compared to its average volume of 72,733. Grayscale XRP Trust ETF has a one year low of $19.25 and a one year high of $46.51. The business’s fifty day moving average is $23.02 and its two-hundred day moving average is $24.69.

Grayscale XRP Trust (listed on NYSE Arca under the ticker GXRP) is an investment vehicle managed by Grayscale Investments that holds XRP, the native digital token associated with the Ripple network. The trust issues shares intended to provide investors with exposure to the price movement of XRP through a single, tradable security without requiring direct ownership or custody of the underlying cryptocurrency.

The trust’s primary activity is custody and administration of XRP on behalf of its shareholders and the issuance of shares that reflect the value of the assets held by the trust, less applicable fees and expenses.