- Ripple (XRP) showcases a notable rise, achieving a 5.1% increase and drawing significant interest from institutional investors.
- Goldman Sachs’ hedge fund clients express eagerness to enter the crypto space, motivated by recent ETF approvals.
The recent surge in Bitcoin’s price to $70,000, approaching its all-time high, alongside gains in Ethereum, XRP, and other leading cryptocurrencies, has infused $300 billion into the total crypto market value within just a week. This upswing comes despite Elon Musk’s latest foray into the cryptocurrency sphere not making the expected impact.
Goldman Sachs Reveals Bitcoin Game-Changer As $300 Billion Price Earthquake Hits Ethereum, XRP And Crypto Market https://t.co/a9k5e0l65m pic.twitter.com/S2NOHBkrMT
— Forbes (@Forbes) March 25, 2024
In the context of BlackRock advancing its ambitious “$5 trillion by 2030” strategy, a prominent Goldman Sachs executive has disclosed that the firm’s hedge fund clientele is poised to significantly increase their involvement in the cryptocurrency market.
Related: HSBC Launches Gold Tokenized Products: Ripple Alliance Excites XRP Community
Particularly, Ripple (XRP) has shown remarkable performance, reaching a daily peak of $0.6594 after a 5.1% increase. Over the last week, it has ascended by 4.5% from a low of $0.5725, showcasing a strong upward trend.
An increased interest in Ripple among institutional investors has been noted, following a period of price corrections in the crypto market. Simon Bambrough highlighted that Goldman Sachs clients, especially hedge funds, are keen on entering the cryptocurrency domain, driven by the fear of missing out (FOMO) after the U.S. approved several Bitcoin spot ETFs.
Max Minton, Goldman’s Head of Digital Assets for the Asia Pacific region, remarked that the recent ETF approvals have reignited client interest and activity in the cryptocurrency sector. He noted that many of Goldman Sachs’ major clients are either currently engaged or considering participation in the crypto market.
Read more: Ripple CTO Provides Insights on XRP’s ‘Gradual Appreciation’ Phenomenon’
Matthew McDermott, another executive at Goldman, added that while retail investors have primarily driven the recent price movements, institutional interest is noticeably increasing. He observed a significant shift in appetite towards cryptocurrencies among institutional investors.
XRP’s performance has been hampered by its ongoing legal battle with the SEC. Nonetheless, analysts from Changelly suggest that XRP could reach $1 by May 2025, potentially influenced by the lawsuit’s outcome.
A favorable resolution for Ripple could catalyze a positive price adjustment for XRP, signaling a development for the cryptocurrency and its stakeholders.
