Institutional investors are gradually paying more attention to XRP. The digital asset is taking its place alongside Bitcoin and Ethereum.
According to a recent study conducted by EY-Parthenonover 20% of institutional decision makers worldwide have XRP in their basket.
This was no tiny sample; the survey involved 277 key players, including COOs, CEOs, portfolio managers, etc., with respondents hailing from the United States, Europe, Asia Pacific, Canada, and Latin America.
A well-known member of the XRP community known by his Twitter handle WrathofKahneman, also known as WOK, shared the results of a survey on X. Judging by the comments, it seems that the growing institutional acceptance of the altcoin is a major topic of conversation.
While Bitcoin and Ethereum remain the favorites with 98% and 78% of respondents respectively, the fact that 20% of wallets hold the altcoin is quite significant. Solana, on the other hand, is also making noise, with 24% of respondents saying they have invested in SOL.
Institutional Interest Beyond Bitcoin and Ethereum
Interestingly, in this study, they not only stick to the tried and true Bitcoin and Ethereum, but are also open to using altcoins like XRP and Solana. In any case, it’s all about diversification, with 57% of respondents confirming investments outside of the two major cryptocurrencies.
The growing popularity of crypto assets among institutional investors is in line with Ripple’s global expansion drive. According to recent reports from Tokenicer, XRP has been distributed across all seven continents – versatility that comes from the partnerships Ripple has established around the world.
From the Bank of Colombia testing a CBDC on Ripple’s platform to other strategic moves in South America and Europe, XRP is far from being confined to one geographic region.
Legal victories improve market sentiment
Meanwhile, as XRP Case While the Securities and Exchange Commission case has been a shadowy cloud hanging over the cryptocurrency’s market performance, recent events are indeed a glimmer of hope.
Recently, World of Charts analyzed the outlook for XRP after the SEC lawsuit that has greatly impacted the price. This resolution marked a huge victory in this long battle and will allow XRP to gain momentum and likely skyrocket in price.
Technically, XRP is in a multi-year symmetrical triangle, a pattern that typically precedes a major breakout. This technical setup, combined with positive sentiment stemming from the legal resolution, positions XRP as a likely bullish play over the next few months, according to many analysts. There is speculation that it could break out to $3 or more if market conditions align.
Buying pressure is growing
Growing buying pressure from investors also supports XRP. As a result, more institutions and retail buyers believe in XRP’s potential, which increases demand accordingly. As prices rise as supply decreases, XRP could become a crypto asset to watch in the brief term.
Featured image from Bitget, chart from TradingView
