Forbes Senior Contributor Billy Bambrough said that recent $300 billion injection into cryptocurrency has boosted major crypto currencies like Ripple.XRP).
Bambrough highlighted Bitcoin is now above $70,000, and has reached its highest level ever of $73,850 within the last 24 hours. Ripple(XRP) has also experienced a sharp rally, as have other major coins. The total market cap of the crypto industry has increased by $300 billion in just the last week.
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After a rally of 5.1%, Ripple (XRP) in particular is one of the most successful currencies. The asset reached an intraday peak at $0.6594. The asset’s performance over the past week has seen a 4.5% increase from its $0.5725 low.
Increased institutional interest in ripples
Bambrough said that Goldman Sachs customers have shown a willingness to participate in the cryptocurrency market, despite the recent revival of the market following weeks of price drops. The clients are mostly hedge funds who have been observing recent gains. They feel a sense of FOMO, especially after the approval of several U.S. Bitcoin Spot ETFs.
Max Minton stated that Goldman Goldman is the head of digital assets for Asia Pacific. “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.”
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Mathew MacDermott, another Goldman executive, expressed similar feelings. “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’s performance has been hampered by the Ripple vs. SEC long-running case. According to Changelly Analysts believe that XRP will reach $1 in May 2025. This could be influenced by Ripple’s legal fight with the SEC. Price of XRP may increase if Ripple wins the legal case.
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Source: watcher.guru
