Ripple's XRP Gains Momentum Among Banks

Ripple’s cryptocurrency, XRP, is witnessing a steady increase in interest from institutional investors, with recent data showing significant inflows, despite the fluctuating crypto market.

Banks' Growing Investment in XRP and Other Cryptos

A report from the Basel Committee on Banking Supervision (BCBS) has revealed that 19 major banks from various global regions have invested a substantial €9.4 billion — about $10.27 billion — in cryptocurrencies, with XRP emerging as a noteworthy investment.

In the realm of these banks' crypto investments, XRP has carved out a considerable share, representing about 2% of total investments, equating to €188 million or $205 million.

This places XRP as the third most significant cryptocurrency in the banks’ portfolios, following Bitcoin (BTC) and Ethereum (ETH), which dominate with 31% and 22% shares, respectively. Investments in BTC and ETH tracking vehicles also play a significant role, accounting for 25% and 10% of the investments, respectively.

The BCBS report also highlights the inclusion of other cryptocurrencies like Polkadot (DOT), Cardano (ADA), Solana (SOL), and Litecoin (LTC) in these financial institutions' portfolios. While these hold smaller percentages, their presence indicates a growing acceptance of diverse public blockchains in the banking sector, signaling a shift in traditional financial institutions' approach to the crypto market.

XRP's Rising Institutional Appeal

The BCBS’s findings underscore the strategic adaptation of global banks to the evolving cryptocurrency landscape, with XRP gaining particular favor among institutions.

As reported by CryptoPotato, there has been a significant uptick in institutional inflows into the crypto market, with $1.32 billion pouring in recently. XRP alone attracted $0.5 million in inflows, alongside other cryptocurrencies like Cardano and Litecoin, which also experienced positive inflows.