Grayscale's XRP trust could lead to an ETF, causing Ripple's XRP to increase by up to 9%.

On Thursday, the price of Ripple's XRP token increased after Grayscale unveiled a new trust that allows accredited investors to invest directly in the cryptocurrency.

According to Coin Metrics, XRP was previously trading at 56 cents a coin, which was more than 3% higher than its current price. XRP is the native token of Ripple's XRP Ledger, which is designed to facilitate cross-border financial transactions. It is the fifth-largest cryptocurrency by market capitalization, excluding stablecoins.

Unlike ETFs, trusts will mainly trade over-the-counter, making them more vulnerable to price discrepancies with their portfolio value.

"Grayscale's head of product research, Rayhaneh Sharif-Askary, stated in a CNBC interview that as crypto investors expand their portfolios beyond Bitcoin and Ethereum, it is crucial to expose them to protocols that address real-world issues. XRP, in particular, can facilitate smoother international transactions, enhancing efficiency in a rapidly changing global economy."

In a landmark decision, U.S. District Judge Analisa Torres ruled that XRP is not classified as a security when sold to retail investors on exchanges but is considered an unregistered security offering if sold to institutional investors.

In January, the SEC approved a rule change that allowed Grayscale to convert its popular bitcoin trust into an ETF. As a result, the Grayscale Bitcoin Trust and the Grayscale Ethereum Trust began trading as ETFs in January and July of this year, respectively.

On Thursday, major cryptocurrencies remained relatively stable. Bitcoin was trading at $57,827.83, while ether was at $2,331.58. The overall market saw only a slight increase of 2%.

—CNBC's Jesse Pound contributed reporting