The price of Ripple's XRP token jumped Thursday after Grayscale announced the launch of a new trust that gives accredited investors direct exposure to the cryptocurrency. XRP was last higher by more than 3% at 56 cents a coin, according to Coin Metrics. XRP is the native token of Ripple's XRP Ledger, whose main purpose is to facilitate cross-border financial transactions. Grayscale made history shortly after when a court ruled that the SEC was wrong to deny crypto investment giant permission to convert its popular bitcoin trust into an ETF. The Grayscale Bitcoin Trust and the Grayscale Ethereum Trust began trading in January and July of this year, respectively, as ETFs.

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Persons: XRP, Rayhaneh Sharif, Analisa Torres, cryptocurrencies, Bitcoin, MicroStrategy, —, Jesse Pound Organizations: Metrics, Securities and Exchange Commission, District, SEC Locations: London, England, Bitcoin, U.S