Grayscale XRP Trust ETF (NYSEARCA:GXRP) Sees Significant Drop in Short Interest

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totaling 49,934 shares, a drop of 76.3% from the August 31st total of 210,834 shares. Based on an average daily volume of 45,628 shares, the days-to-cover ratio is presently 1.1 days. Approximately 2.0% of the shares of the company are short sold.

Grayscale XRP Trust ETF Price Performance

Shares of NYSEARCA:GXRP traded up $0.88 during midday trading on Friday, reaching $30.47. The company had a trading volume of 44,403 shares, compared to its average volume of 71,582. The company’s 50 day moving average price is $24.22 and its 200 day moving average price is $24.74. Grayscale XRP Trust ETF has a 52-week low of $19.25 and a 52-week high of $46.51.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Grayscale XRP Trust ETF stock. Gallacher Capital Management LLC purchased a new position in shares of Grayscale XRP Trust ETF (NYSEARCA:GXRP) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 27,981 shares of the company’s stock, valued at approximately $728,000. Gallacher Capital Management LLC owned about 1.14% of Grayscale XRP Trust ETF as of its most recent SEC filing.

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.