Forbes Acknowledges XRP Impact In the $300 Billion Market Earthquake

The cryptocurrency market experienced a significant upswing in early March, with Bitcoin reaching a new all-time high, while other major cryptocurrencies like XRP witnessed notable gains. This positive trend has sparked renewed interest in the asset class, particularly among institutional investors.

A recent Forbes report by Senior Contributor Billy Bambrough highlights the impact of the market surge on XRP. Bambrough points out that XRP, alongside other leading cryptocurrencies has seen significant growth.

Read Also: Goldman Sachs: Ethereum Has the Potential to Overthrow Bitcoin as a Digital Store of Value

The report stated that over the past week, the total market capitalization for cryptocurrencies has increased by $300 billion, with XRP contributing to this rise.

Goldman Sachs Clients Eyeing Crypto Entry

This market resurgence has coincided with a growing interest in cryptocurrencies from institutional investors, particularly hedge fund clients of Goldman Sachs.

According to the Forbes report, these clients are experiencing feelings of fear of missing out (FOMO) due to the recent market gains and the crypto market’s success following the Bitcoin spot ETF approvals in January.

Statements from Goldman Sachs executives support this observation. According to the report, Max Minton, Head of Digital Assets for Asia Pacific at Goldman Sachs, noted in a Bloomberg interview that the recent ETF approval has triggered a surge in client interest and activity. He further emphasized that many of their largest clients are actively exploring or already participating in the cryptocurrency space.

Mathew McDermott, another Goldman Sachs executive, echoed this sentiment. He highlighted the shift in institutional appetite towards cryptocurrencies. While retail investors remain the primary drivers of price action, McDermott acknowledged the increasing presence of institutional investors.

Read Also: Former Goldman Sachs executive Raoul Pal Expects Ethereum (ETH) to hit $20,000 Latest March

An Impending Ethereum ETF

While Goldman Sachs clients currently prefer Bitcoin, Minton acknowledges the possibility of a shift in focus if a U.S.-listed spot ETF for Ethereum is approved. However, the report highlights that Ethereum ETFs may not get approval before the May deadline.

This delay is attributed to a lack of engagement from the U.S. Securities and Exchange Commission (SEC) with relevant applications. The SEC is also making moves to classify ETH as a security, a battle Ripple CEO Brad Garlinghouse expects the regulator to lose.

However, Grayscale, a company with a pending application for an ETH spot ETF, remains optimistic about an Ethereum ETF. Grayscale believes that the issues addressed during its successful Bitcoin spot ETF application process will expedite approval in Ethereum’s case. While Bitcoin remains the current favorite, the chances of a U.S.-listed Ethereum spot ETF approval is high, and an XRP ETF might also be around the corner.

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