Grayscale launched its Grayscale XRP Trust (GXRP) on NYSE Arca, a milestone that coincides with the XRP Ledger (XRPL) having surpassed 4 billion transactions since 2012. The GXRP debut offers regulated access to XRP; its launch and the ledger usage figure provide operational context for traders and institutional investors.
Grayscale launched GXRP on November 24, 2025; that same day Franklin Templeton debuted its XRP ETF (XRPZ) with a reported annual fee of 0.19% on the same exchange, expanding institutional access routes to XRP. The wave of product launches also includes trusts and ETFs for Dogecoin, Solana, Litecoin and HBAR, indicating a broadening in the availability of altcoin exposure through regulated channels.
Opening records showed limited activity: GXRP opened with 350 shares at 40.14 (opening trade price), while XRPZ recorded 7,221 shares at 22.52 in its first trading tranche. In parallel, XRP’s price registered an initial drop to approximately $2.08 on the debut day, reflecting a cautious reception rather than an immediate bullish impulse.
According to estimates cited in the coverage, JP Morgan analysts project that XRP ETFs could attract up to $8 billion in capital; that figure, of material interest to managers, shapes expectations about flows and possible rotations from BTC/ETH toward altcoins once institutional liquidity is consolidated.
XRPL: operational performance and real-world usage
The XRP Ledger reached the threshold of more than 4 billion transactions since its launch in 2012, an indicator of sustained use. Internally, the ledger exhibits reported technical capabilities of 1,500 TPS, 10-second block times and extremely low average fees (around $0.0002 per transaction). Its architecture incorporates Payment Channels with theoretical potential to scale to tens of thousands of TPS in adoption and high-demand scenarios.
In terms of associated economic volume, the network and its ecosystem solutions show significant activity: RippleNet, linked to the use of XRP in cross-border payments, processed more than $1.3 trillion in volume during the first half of 2025. Despite this, a temporary decline in on-chain payment volume is observed compared to previous peaks; simultaneously, growth in DeFi and tokenization projects on XRPL support the narrative of the ledger adapting to broader uses.
The conjunction between the opening of a regulated vehicle (GXRP) and XRPL’s demonstrated operability redefines institutional accessibility to XRP, but the market’s initial reaction was cautious.
