Ripple’s XRP has been identified as a preferred investment by some of the world’s leading banks, according to a recent report by the Basel Committee on Banking Supervision (BCBS).
This principal global standard-setter for bank regulation has released a comprehensive dataset focusing on banks’ engagement with crypto-assets, revealing XRP’s significant role in the sector.
Originating from a cryptoasset data collection template introduced in 2018, the BCBS’s findings provide an in-depth look into the crypto holdings of banks, offering insight into their exposures. Data collected from nine banks in the Americas, seven in Europe, and two from other regions contributed to this groundbreaking report.
XRP, recognized as the third-largest altcoin, accounts for a notable 2% of the total €9.4 billion exposure in the banking sector, equivalent to approximately €188 million ($205 million). Amidst the growing anticipation for Bitcoin ETF approvals, Ripple’s XRP has cemented its position as a robust and appealing investment option.
John Deaton, a pro-XRP attorney and founder of CryptoLaw, has cautioned investors against making decisions based on the fear of missing out (FOMO). He advocates for investing in cryptocurrencies like XRP before such market sentiments intensify, highlighting XRP’s historical price movements around key events.
The future of XRP in the cryptocurrency industry appears bright, especially with its increasing recognition as a viable investment by major banks globally. This acknowledgment by the BCBS underscores XRP’s potential for growth and stability in the ever-evolving digital finance landscape.
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