Grayscale XRP Trust ETF (NYSEARCA:GXRP) Short Interest Up 407.9% in July

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the target of a significant growth in short interest in July. As of July 15th, there was short interest totaling 92,340 shares, a growth of 407.9% from the June 30th total of 18,180 shares. Based on an average trading volume of 29,522 shares, the short-interest ratio is presently 3.1 days. Currently, 3.8% of the shares of the company are short sold.

Grayscale XRP Trust ETF Stock Performance

NYSEARCA:GXRP traded down $0.33 during mid-day trading on Friday, reaching $21.07. 7,631 shares of the company’s stock were exchanged, compared to its average volume of 79,421. Grayscale XRP Trust ETF has a one year low of $19.71 and a one year high of $46.51. The business’s fifty day moving average is $22.67.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GXRP. Gallacher Capital Management LLC acquired a new stake in shares of Grayscale XRP Trust ETF in the first quarter valued at approximately $728,000. Front Row Advisors LLC acquired a new stake in Grayscale XRP Trust ETF during the fourth quarter worth approximately $49,000. Finally, Goldman Sachs Group Inc. acquired a new stake in Grayscale XRP Trust ETF during the fourth quarter worth approximately $37,961,000.

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.