Grayscale has made significant changes to its portfolio, adding XRP and AVAX to its Digital Large Cap Fund following a recent rebalancing of CoinDesk’s Large Cap Select Index.
This move, in line with the updated index composition, involved selling portions of existing assets and using the proceeds to acquire XRP and AVAX.
Despite positive sentiment from the XRP community, the addition has not yet translated into significant price gains, with both XRP and AVAX experiencing declines of 9% and 11%, respectively, in the past week.
This also highlights XRP’s persistent downward trend over the past month and AVAX’s strong performance, finishing the previous year with a 33% increase in the last 30 days.
XRP is expected to experience a bullish trend in 2024, following a positive conclusion in 2023. Grayscale’s potential involvement is seen as a factor that could enhance this upward movement.
The eagerly anticipated approval of a spot BTC ETF by the SEC is considered a major bullish catalyst for the overall crypto market, with the potential to drive up prices for various cryptocurrencies, including XRP, contributing to its recovery.
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