XRP Surges in Response to $300 Billion Influx in the Market
According to Forbes Senior Contributor Billy Bambrough, XRP has seen significant gains as a result of the recent $300 billion influx in the cryptocurrency market.
Bambrough highlights that Bitcoin, along with other major coins like XRP, has experienced sudden rallies. Bitcoin, in particular, has surpassed the $70,000 mark and is approaching its all-time high of $73,850 in the past 24 hours.
XRP and other leading cryptocurrencies have also surged, contributing a total of $300 billion to the market capitalization of the crypto market over the past week.
As Bambrough points out, XRP has been one of the top performers, reaching a high of $0.6594 after a 5.1% increase. Over the course of seven days, the asset has seen a more significant increase of 15% from its low of $0.5725.
In light of the market’s recent recovery following weeks of price corrections, Bambrough notes that Goldman Sachs clients are now showing interest in entering the cryptocurrency space.
Specifically, there has been a growing interest in crypto among Goldman Sachs’ hedge fund clients. These clients have been observing the recent gains in the crypto market and are experiencing FOMO (fear of missing out), especially after the approval of multiple U.S. Bitcoin spot ETFs.
Max Minton, Goldman’s Head of Digital Assets for Asia Pacific, acknowledges this trend and states, “The recent ETF approval has triggered a resurgence of interest and activities from our clients. Many of our largest clients are active or exploring getting active in the space.”
Another Goldman Sachs executive, Mathew McDermott, echoes this sentiment, saying, “The price action… has still been driven primarily by retail investors. But it’s the institutions that we’ve started to see come in. You really see now the appetite is transformed.”
While Goldman’s clients primarily show interest in Bitcoin, Minton suggests that this could change if Ethereum is approved for a U.S.-listed spot ETF.
However, Bambrough notes that recent reports indicate that Ethereum’s approval deadline in May is becoming increasingly unlikely due to fewer engagements from the U.S. SEC.
It is worth mentioning that Grayscale, which has a pending application for an Ether spot ETF, has stated that critical issues have already been resolved during their Bitcoin spot ETF applications. This gives them confidence in the outlook of approval.
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