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HomeCryptocurrency19 Banks Confirm Holding XRP in $10.27 Billion Investments Positions

19 Banks Confirm Holding XRP in $10.27 Billion Investments Positions

In a new development, sparking widespread reactions, especially among XRP faithful, the Basel Committee on Banking Supervision (BCBS) has released a report from different banks, placing XRP among the most popular crypto assets that have attracted investors’ attention.

JackTheRippler, a top crypto proponent and XRP enthusiast took to X to break the news to his teeming followers. According to the report, 19 banks from different regions of the world reported a total crypto exposure valued at about $10.27 billion, with XRP emerging as a prominent investment choice.

Read Also: 77% of 4.8 Million XRP Wallets Hold Below 500 XRP. How Is This Bullish For Global Adoption? Details

For context, the Basel Committee on Banking Supervision (BCBS) is a globally recognized banking committee comprising central banks from 28 jurisdictions with 45 members.

The committee is saddled with the responsibility of assisting national banking and financial markets supervisory agencies to attain a more unified approach to tackling regulatory challenges. 

Cryptocurrency Exposure Distribution 

According to the report, XRP accounted for approximately 2% of the $10.27 billion exposure, amounting to about $205 million, and positioning the coin as the third largest altcoin emerging from the reporting banks. 

As expected, the two largest crypto assets by market volume, Bitcoin (BTC) and Ethereum ((ETH), contributed the most to the exposure reported by the banks. Both had a combined 53% contribution, with BTC representing 31% while ETH contributed the remaining 22%. 

Implications Of The BCBS Report 

Over the years, XRP has witnessed a gradual surge in adoption rate, circumventing challenges to become one of the most popular cryptocurrencies. 

The BCBS Report, indicating substantial banking transactions involving XRP, implies that the digital asset has continued to gain relevance despite an unseemingly unimpressive market outlook.

Intriguingly, XRP has maintained a price level below $1 for over two years and has remained on the watchlist of several crypto enthusiasts.

Read Also: State-of-the-Art Machine Learning Model Sets Terra Classic (LUNC) Price For October 31, 2023


XRP Market Statistics 

According to XRP’s market statistics on Coincodex, the digital asset is currently the seventh largest by market capitalization. At the time of press, it is changing hands at roughly $0.50, with a mild decline in the last 24 hours. 

Interestingly, XRP boasts a high supply inflation rate of about 10.14% and a medium volatility of approximately 2.97%. The “Fear & Greed index” – the index tracking investors’ attitude toward an asset recorded “greed” for XRP despite a bearish sentiment.

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Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.

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