Short Interest in Grayscale XRP Trust ETF (NYSEARCA:GXRP) Increases By 116.7%

Grayscale XRP Trust ETF (NYSEARCA:GXRP) was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 210,834 shares, an increase of 116.7% from the August 15th total of 97,306 shares. Currently, 8.6% of the company’s stock are short sold. Based on an average daily volume of 76,566 shares, the short-interest ratio is currently 2.8 days.

Grayscale XRP Trust ETF Trading Down 11.0%

Shares of GXRP stock opened at $25.13 on Wednesday. Grayscale XRP Trust ETF has a twelve month low of $19.25 and a twelve month high of $46.51. The stock has a fifty day simple moving average of $23.09 and a two-hundred day simple moving average of $24.66.

Institutional Trading of Grayscale XRP Trust ETF

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

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.