XRP Gains Ground: 20% Of Institutional Investors Embrace The Crypto
Institutional investors are gradually giving more attention to XRP. The digital asset is marking its place next to Bitcoin and Ethereum.
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.
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