A recent survey has revealed that Ripple (XRP) is the fourth most-held cryptocurrency among institutional investors, with over 20% of respondents claiming to hold the token in their portfolios. The study, conducted by the international consulting firm EY-Parthenon, highlights Ripple's growing significance within the institutional investment space.
The survey, part of EY's May 2024 report on corporate investments in cryptocurrencies, shows Bitcoin (BTC) leading the pack with an impressive 98% of institutional holders. Ethereum (ETH) follows with 78%, and Solana (SOL) comes in third with 24%. Ripple (XRP) stands at fourth place, reflecting a notable adoption among large-scale investors.
The survey sample included 277 institutional investors, such as portfolio managers, CEOs, and COOs, primarily from the United States and the EMEA region. Specifically, 147 respondents were from the U.S., and 90 from Europe, with smaller numbers from Latin America, Canada, and Asia-Pacific (APAC). For these institutional investors, Ripple (XRP) has emerged as a significant long-term investment choice.
Despite facing legal challenges from the U.S. Securities and Exchange Commission (SEC), Ripple has managed to maintain its position among the top 10 largest cryptocurrencies globally. The ongoing case, which accused Ripple of selling XRP as an unregistered security, saw a partial victory for Ripple in July 2023. As of August 2024, the case appears to be closed following a historic ruling by Judge Annalisa Torres.
In addition to its legal battles, Ripple has been actively pursuing new opportunities. Recently, the company has been attempting to persuade Elon Musk to integrate XRP into his payment platform, X Payments. Ripple's legal victory against the SEC has fueled this effort, with lawyer Fred Rispoli suggesting that XRP could offer Musk a strategic advantage in challenging the SEC.
As of the latest data, XRP is priced at $0.59 and holds the seventh position in the overall cryptocurrency ranking, with a market capitalization of $33.3 billion. Following the legal victory in early August, XRP's price briefly surged above $0.66, marking a peak not seen in the past four months. However, it remains significantly below its all-time high of $1.75, achieved in April 2021.
Ripple's resilience and strategic moves, including its push for broader adoption and integration into major payment platforms, underscore its continuing relevance and potential in the evolving cryptocurrency landscape.
August 2024, Cryptoniteuae