According to a recent, 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.
Source:
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.
Source: EY Parthenon
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 – 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.
XRP market cap currently at $32.2 billion. Chart:
Legal Wins Boost Market Sentiment
Meanwhile, as the 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
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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