Why Major Banks are Choosing Ripple’s XRP as a Top Investment Option

Why Major Banks are Choosing Ripple's XRP as a Top Investment Option

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 between the world’s leading banks. The BCBS, the principal worldwide 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 cryptocurrency asset exposures. It offers detailed insights into banks’ cryptocurrency holdings, facilitating an analysis of their exposures. Data for this report was provided by nine banks from the Americas, 7 from Europe, and two from other regions.

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XRP’s Prominent Position in the Banking Sector

The findings of the report reveal that XRP, the third- largest altcoin, constitutes a whole lot of portion of the banks’ digital currency engagements. In particular, 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 (BTC) 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 digital currencies like XRP before such market sentiments take hold. In the meantime, renowned cryptocurrency analyst Ali Martinez predicts a positive trend trend for XRP, based on the TD Sequential indicator and a notable increase in activities by XRP whales, signaling a probable shift in market dynamics.

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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 digital currency 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 positive trend trend based on market indicators and activities by XRP whales.

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Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.

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