Grayscale’s Top Analyst Just Said XRP Is Mispriced: Here’s What Changes That

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One of Wall Street’s most important voices on digital assets just made a statement about XRP. Zach Pandl, Head of Research at Grayscale Investments, told Paul Barron Network that XRP is positioned for a meaningful repricing event, and the trigger is something the entire crypto industry has been waiting on for years: regulatory clarity.

The Repricing Thesis

Speaking directly on the question of whether XRP would be repriced if the proposed crypto legislation passes, Pandl was unambiguous.

“I do,” he said. “I think we would see a repricing across a range of assets, certainly including XRP.”

His confidence is rooted in what he is already seeing in the market. Grayscale’s GXRP product, the firm’s XRP-focused investment vehicle, has been drawing consistent and growing demand from institutional investors. Pandl described those investors as looking ahead to clarity and asking what it means to unlock further value in these networks.

In other words, sophisticated money is already positioning. The repricing, in his view, has not happened yet because the regulatory framework that would justify it has not arrived yet.

Section 205: The Clause That Changes Everything

The conversation zeroed in on a specific and largely underreported element of the proposed crypto legislation: Section 205, which would require projects to demonstrate their blockchain meets a threshold of decentralisation to qualify as a mature blockchain under the law.

For Ripple, this clause carries direct implications. It would require the company to restructure or potentially burn portions of its XRP holdings to meet the 20% mature blockchain component requirement. Brad Garlinghouse, Ripple’s CEO, has publicly stated he believes the odds of the legislation passing are high, though the window for passage is narrowing.

Pandl acknowledged the uncertainty but suggested the direction of travel is positive. Regulatory clarity on these questions, he argued, would unlock value that is currently suppressed by legal and structural ambiguity.

Ethereum in the Same Conversation

Pandl also weighed in on Ethereum, aligning himself with the view that it remains one of the most important assets in the future financial system. He noted that Grayscale is currently the only asset manager staking Ethereum at scale within its ETF products, describing it as the most efficient way for institutional investors to gain Ethereum exposure across different types of savings and investment accounts.

On the broader question of digital asset treasuries holding Ethereum directly, Pandl was supportive, noting that whether through an ETF, self-custody, or a treasury structure, investors ought to have some Ethereum exposure in their portfolios.

What This Means for XRP Holders

Pandl’s comments carry weight precisely because Grayscale is not a fringe voice. It is one of the largest digital asset managers in the world, managing billions in investor capital and operating regulated products across multiple jurisdictions. When its Head of Research says a repricing is in order for XRP if clarity arrives, that is not community speculation. It is institutional analysis.

The question is no longer whether XRP would benefit from a clear legal framework. The question is how long the framework takes to arrive, and whether the window Garlinghouse described as closing stays open long enough.