Accredited Investors Prepare to Gain Exposure to XRP Through Depository Receipts: Details

Accredited investors will soon be able to gain exposure to XRP by purchasing Depository Receipts tied to the cryptocurrency.  Popular FOX Business journalist Eleanor Terrett made this known yesterday through an X post.  XRP Depository Receipts to Launch Soon  According to Terrett, FOX Business learned that accredited investors will soon be able to purchase XRP Depository Receipts (DR) through two investment firms, Digital Wealth Partners (DWP) and Receipts Depository Corps (RDC).  Through the upcoming financial instrument, accredited investors will be able to gain exposure to XRP price movement without acquiring the asset directly from a crypto exchange. Notably, Terrett mentioned that the XRP DRs are similar to an exchange-traded fund (ETF) and American Depository Receipts (ADRs).  For context, ADRs are depository receipts representing shares of companies listed and traded in the United States. With an ADR, an investor does not have to purchase the share directly from a stock exchange. Despite this, the investor can still gain exposure to the asset’s price by holding its ADR.  Interestingly, Terrett revealed that the upcoming XRP DR is yet another way to bridge the gap between traditional finance and decentralized finance (DeFi).  Anchorage to Custody XRP Depository Receipts  According to Terrett, leading crypto platform Anchorage Digital will provide custody for the XRP DRs, potentially exposing the assets to regulatory oversight. It is worth mentioning that Anchorage is a federal chartered bank operating under the supervision of the U.S. Office of the Controller of the Currency (OCC).  Receipts Depository Corps and Digital Wealth Partners have yet to issue statements confirming the report.  XRP Sees Slight Gain  Nonetheless, the price of XRP reacted positively to the news. Data from CoinMarketCap shows that XRP soared from $2.42 to around $2.50 shortly after the report, marking a slight surge of 3.3%.  However, XRP could not sustain this rally, as it subsequently plunged below the $2.4 price mark a few hours later. At the time of writing, XRP is changing hands at $2.37, marking a 24-hour increase of 2.73%. Conversely, XRP is still down 22.37% in the past seven days, according to CoinMarketCap data.