- XRP holdings by top banking firms have grown and have topped $200 million.
- The crypto is growing in a lot of ways including through the XRP Ledger and NFT integration.
According to reports, XRP, the cryptocurrency associated with Ripple Labs Inc now stands out as a popular investment option. The Basel Committee on Banking Supervision (BCBS) revealed that 19 banks from various jurisdictions across the globe reported crypto exposures of $10.27 billion, with XRP among those taking the lead. This figure could be much higher, according to reports from last year.
XRP Emerges as an Investment Choice
The BCBS released a recent report, in which XRP made up around $205 million, of the $10.27 billion exposure. This placed the cryptocurrency as the third biggest altcoin to emerge from the reporting banks.
Bitcoin (BTC) and Ethereum (ETH) emerged as the two largest crypto assets by market volume that contributed the most to the exposure reported by the banks. Both contributed a total of 53%, with BTC accounting for 31% and ETH for 22%.
The Basel Committee on Banking Supervision comprises Central Banks from 28 jurisdictions with 45 members, spread across different nations. The group has been tasked with helping national supervisory bodies for banking and financial markets develop a more comprehensive strategy for addressing regulatory issues.
There have been substantial financial transactions employing XRP, according to the BCBS Report. This suggests that the coin is still becoming relevant despite a disappointing market outlook. Over time, XRP has gradually seen increased adoption from investors and traders, overcoming legal challenges to rank among the most liked cryptocurrencies.
In the past two years, XRP steadied its price below the $1 mark and, thus, remained on the radar of many crypto enthusiasts. Drawing on Crypto News Flash’s previous insights, a crypto analyst believes XRP could reach $250 in the current bull cycle.
Markedly, three developments in Ripple’s ecosystem can drive the price of XRP higher. As Crypto News Flash had earlier detailed, these include the possibility of a settlement in the Ripple vs SEC case, Ripple IPO, and the integration of Ripple technology with banks.
Factors Increasing XRP’s Adoption
A notable factor responsible for the XRP holding increase is adoption is its ability to settle cross-border payments. XRP is designed to be a fast and cheap way to transfer funds internationally, thus, making it a desirable option for institutional players. Accordingly, XRP has grown to become a prominent challenger to SWIFT.
Per Crypto News Flash’s earlier announcement, Ripple spans over 70 crypto and traditional markets, offering almost 100% global payout coverage through streamlined onboarding.
Continued development of the XRP Ledger (XRPL) has also enhanced XRP’s appeal to users and institutions. For instance, SBI Group announced its plans to introduce Non-Fungible Tokens (NFTs) on the XRPL for the forthcoming World Expo 2025 in Osaka.
Despite increased adoption of the XRP coin, the price is yet to move above the $0.5 mark. As of this writing, XRP declined by 1% in the past day. However, the trading volume increased by 26.6% to over $1 billion, suggesting positive sentiments from investors.
