Institutional investors are step by step giving more attention to XRP. The digital asset is marking its place next to Bitcoin and Ethereum.
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In line with a recent survey by EY-Parthenon, greater than 20% of the world’s institutional decision-makers have XRP of their basket.
It isn’t a small sample selection; 277 key players comprised of COOs, CEOs, portfolio managers, etc., took part on this survey, with participation spanning the US, Europe, Asia-Pacific, Canada, and Latin America.
A widely known XRP community member known by his Twitter handle WrathofKahneman, aka WOK, shared findings from the survey on X. Judging from comments, it might appear that the altcoin’s growing institutional acceptance is a serious talking point.
Source: EY Parthenon
Though Bitcoin and Ethereum remain the darlings of 98% and 78% of those surveyed respectively, the undeniable fact that 20% of portfolios have the altcoin is kind of an enormous deal. Solana, then again, is making noise too, with 24% of the respondents claiming to have invested in SOL.
Institutional Interest Beyond Bitcoin And Ethereum
What’s interesting to notice within the survey is that places are usually not just sticking to the tried and true Bitcoin and Ethereum but are also open to the usage of altcoins resembling XRP and Solana. In any case, the purpose is diversification, with 57% of the respondents attesting to investments beyond the highest two cryptos.
Source: EY Parthenon
The growing traction within the crypto asset on the a part of institutional investors corresponds with the worldwide expansion drive of Ripple. In line with recent reports by Tokenicer, it has highlighted that XRP has been deployed on all seven continents – a versatility which is powerful on account of 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 removed from being confined to a single nation-state.
XRP market cap currently at $32.2 billion. Chart: TradingView.com
Legal Wins Boost Market Sentiment
Meanwhile, because 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 sunshine at the top 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 worth. This resolution marked an enormous win for this long battle and can allow XRP to choose up steam over again and doubtless soar in price.
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From a technical viewpoint, XRP is positioned in a multi-year symmetric triangle, a pattern that typically precedes an enormous breakout. This technical setup, combined with positive sentiment from the legal resolution, positions XRP as prone to see bullish motion in the following few months, in accordance with many analysts. There’s speculation it could break out and reach $3, and 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 imagine within the potential of XRP, thereby raising demand accordingly. With prices higher as supplies get tighter, that might make XRP the crypto asset to look at within the short term.
Featured image from Bitget, chart from TradingView