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02/10 05:31

Accredited Investors Are Getting Ready to Access X

Accredited Investors Are Getting Ready to Access XRP via Depository Receipts

Accredited investors will soon be able to access XRP by purchasing depository receipts tied to the cryptocurrency.

FOX Business' popular journalist Eleanor Terrett reported the news yesterday in a post by X.

XRP Depository Receipts Coming Soon

According to Terrett, FOX Business has learned that accredited investors will soon be able to purchase XRP depository receipts (DRs) through two investment firms: Digital Wealth Partners (DWP) and Receipts Depository Corps (RDC).

The upcoming financial instrument will allow accredited investors to gain exposure to XRP's price action without having to purchase the asset directly on a crypto exchange. Specifically, Terrett mentioned that XRP DRs are similar to an exchange-traded fund (ETF) and American Depository Receipts (ADRs).

 For context, ADRs are depository receipts that represent shares of companies listed and traded in the United States. With ADRs, an investor does not have to buy the stock directly on a stock exchange. Despite this, the investor can still gain exposure to the price of the asset by holding their ADRs.

Interestingly, Terrett said that the upcoming XRP DR is another way to bridge the gap between traditional finance and decentralized finance (DeFi).

Tethered to XRP Depository Receipts

According to Terrett, leading crypto platform Anchorage Digital will provide custody services for XRP DRs, potentially exposing the assets to regulatory scrutiny. It is worth noting that Anchorage is a federally regulated bank that operates under the supervision of the U.S. Office of the Comptroller of the Currency (OCC).

Receipts Depository Corps and Digital Wealth Partners have yet to release statements confirming the report.

 XRP Shows Slight Gains

However, XRP’s price has reacted positively to the news. CoinMarketCap data shows that XRP soared from $2.42 to around $2.50 shortly after the report, representing a small jump of 3.3%.

However, XRP was unable to sustain this gain as it fell below the $2.4 mark a few hours later. At the time of writing, XRP is trading at $2.37, representing a 24-hour gain of 2.73%. On the other hand, XRP is still down 22.37% over the past seven days, according to CoinMarketCap data.

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