$19M Bitwise Buy Sends Ripple Price Soaring Towards $2 Target
Bitwise, a leading asset management firm, has made its largest purchase of XRP in recent times, buying over $19 million worth of the cryptocurrency in one day.
This substantial investment comes as institutional interest in XRP-based investment products surges. According to onchain data, Bitwise's $XRP ETF saw a net inflow of over $20 million during its latest trading session, with the firm accounting for nearly all of it.
The purchase has further solidified Bitwise's position as a leader in the XRP ETF market, boasting a massive $615 million in net assets. Its foothold is now even stronger, having seen a modest inflow from Franklin, which accounted for just $862,000 of the total capital that flowed in that day.
The surge in institutional demand for XRP has been accompanied by a significant price increase, with XRP rising over 8% on the same day. This momentum is expected to continue, positioning itself on the path to hit the long-expected $2 mark.