XRP Gains Ground: 20% Of Institutional Investors Embrace The Crypto
August 29 2024 - 1:00PM
NEWSBTC
Institutional investors are gradually giving more attention to XRP.
The digital asset is marking its place next to Bitcoin and
Ethereum. Related Reading: XRP Poised For Over 5,000% ‘Explosive
Charge’, Analyst Says According to a recent survey by EY-Parthenon,
more than 20% of the world’s institutional decision-makers have XRP
in their basket. It isn’t a small sample choice; 277 key players
comprised of COOs, CEOs, portfolio managers, etc., took part in
this survey, with participation spanning the US, Europe,
Asia-Pacific, Canada, and Latin America. A well-known XRP community
member known by his Twitter handle WrathofKahneman, aka WOK, shared
findings from the survey on X. Judging from comments, it would
appear that the altcoin’s growing institutional acceptance is a
major talking point. Though Bitcoin and Ethereum remain the
darlings of 98% and 78% of those surveyed respectively, the fact
that 20% of portfolios have the altcoin is quite a big deal.
Solana, on the other hand, is making noise too, with 24% of the
respondents claiming to have invested in SOL. Institutional
Interest Beyond Bitcoin And Ethereum What is interesting to note in
the survey is that places are not just sticking to the tried and
true Bitcoin and Ethereum but are also open to the use of altcoins
such as XRP and Solana. In any case, the point is diversification,
with 57% of the respondents attesting to investments beyond the top
two cryptos. The growing traction in the crypto asset on the part
of institutional investors corresponds with the global expansion
drive of Ripple. According to recent reports by Tokenicer, it has
highlighted that XRP has been deployed on all seven continents – a
versatility which is strong due to partnerships forged by Ripple
across the globe. From the Bank of Colombia testing its CBDC on
Ripple’s platform to other strategic moves across South America and
Europe, XRP stands very far from being confined to a single
geographical region. Legal Wins Boost Market Sentiment Meanwhile,
as the XRP case against the Securities and Exchange Commission has
been a dark cloud hovering over the coin’s market performance,
recent developments are indeed the light at the end of the tunnel.
Recently, World of Charts analyzed the outlook for XRP following a
lawsuit filed by the SEC that had weighed heavily on the price.
This resolution marked a huge win for this long battle and will
allow XRP to pick up steam once more and probably soar in price.
Related Reading: Crypto Crash: $320 Million Wiped Out As Bitcoin
And Ethereum Nosedive From a technical viewpoint, XRP is positioned
in a multi-year symmetric triangle, a pattern that usually precedes
a big breakout. This technical setup, combined with positive
sentiment from the legal resolution, positions XRP as likely to see
bullish action in the next few months, according to many analysts.
There’s speculation it could break out and reach $3, or even
higher, if market conditions align. Buying Pressure Builds
Increasing buying pressure by investors also confirms the case for
XRP. In effect, more institutions and retail buyers believe in the
potential of XRP, thereby raising demand accordingly. With prices
higher as supplies get tighter, that could make XRP the crypto
asset to watch in the short term. Featured image from Bitget, chart
from TradingView
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