According to Forbes Senior Contributor Billy Bambrough, the recent $300 billion influx into the cryptocurrency market has provided a significant boost to major cryptocurrencies like Ripple (XRP).
Bambrough highlighted that Bitcoin has surpassed the $70,000 mark, nearing its all-time high of $73,850 in the past 24 hours. Similarly, Ripple (XRP) and other leading coins have witnessed sharp rallies. This has contributed to the $300 billion increase in the total crypto market capitalization over the past week.
Also read: Ripple Analyst Predicts When XRP Will Hit Cycle Top
Ripple (XRP), in particular, ranks among the top performers, reaching an intraday high of $0.6594 after rallying by 5.1%. Over the past seven days, the asset has been up by an impressive 4.5% from a low of $0.5725.
Ripple institutional interest is on the rise
Amid the revived state of the crypto market after weeks of severe price corrections, Bambrough noted that some Goldman Sachs clients have expressed readiness to enter the cryptocurrency arena. These clients, primarily hedge funds, are observing the recent gains and experiencing fear of missing out (FOMO), especially following the approval of multiple U.S. Bitcoin spot ETFs.
Goldman’s Head of Digital Assets for Asia Pacific, Max Minton, stated, “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.”
Also read: Shiba Inu: Machine Learning AI Predicts SHIB’s Price for March 31
Another Goldman executive, Mathew McDermott, echoed a similar 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.”
XRP has struggled to perform, primarily due to the prolonged Ripple vs. SEC case. Meanwhile, according to Changelly analysts, XRP could hit $1 by May 2025, potentially influenced by the outcome of Ripple’s ongoing legal battle with the SEC. However, if the case concludes in favor of Ripple, it could provide a boost to the price of XRP.
Credit: Source link
