The BCBS Cryptoasset Data Collection Template
According to a recent report by the Basel Committee on Banking Supervision (BCBS), Ripple’s XRP has been identified as a preferred investment choice among the world’s leading banks. The BCBS, the principal global standard-setter for banks’ prudential regulation, has introduced a comprehensive dataset focusing on banks’ engagement with crypto-assets. This dataset stems from a cryptoasset data collection template launched by the BCBS in 2018, aligning with the Committee’s consultative documents from June 2021 and June 2022 on the prudential treatment of crypto asset exposures. It offers detailed insights into banks’ crypto holdings, facilitating an analysis of their exposures. Data for this report was provided by nine banks from the Americas, seven from Europe, and two from other regions.
XRP’s Prominent Position in the Banking Sector
The findings of the report reveal that XRP, the third-largest altcoin, constitutes a significant portion of the banks’ cryptocurrency engagements. Specifically, XRP accounts for 2% of the total €9.4 billion exposure in the sector, amounting to approximately €188 million ($205 million).
Investment Perspectives on XRP
Ripple’s XRP has established itself as a solid and attractive investment option, amidst general anticipation for Bitcoin ETF approvals. Pro-XRP attorney John Deaton, founder of CryptoLaw, recently advised against making investment decisions based on a fear of missing out (FOMO), suggesting investing in cryptocurrencies like XRP before such market sentiments take hold. Meanwhile, renowned crypto analyst Ali Martinez predicts a bullish trend for XRP, based on the TD Sequential indicator and a notable increase in activities by XRP whales, signaling a potential shift in market dynamics.
Hot Take: XRP’s Position in the Banking Sector
Ripple’s XRP has secured a prominent position in the banking sector, with the BCBS report highlighting its significance. The data collection template provides an in-depth understanding of banks’ engagement with crypto-assets, revealing XRP’s substantial representation in the cryptocurrency holdings of leading banks. As investment perspectives on XRP continue to evolve, the coin’s appeal as an investment option persists, with analysts anticipating a bullish trend based on market indicators and activities by XRP whales.
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