Institutional Buying Surge Fuels XRP Price Action
Bitwise Asset Management's institutional buying streak has given XRP a significant boost. Over a three-day period, institutions have accumulated more than 470 million tokens, pushing their combined holdings from 12.37 billion to 12.80 billion XRP.
This surge in demand comes as Ripple CEO Brad Garlinghouse clarified his stance on XRP maximalism, stating that he is not an advocate for the idea that one cryptocurrency can serve all purposes. He believes different cryptocurrencies can cater to diverse needs and use cases.
The recent price action of XRP has been driven by institutional buying, with many investors betting on a potential breakout above $2. However, some analysts caution against making predictions based solely on short-term market movements.
Bitwise's ETP (Exchange-Traded Product) launch in the Lighter Staking ETP has also contributed to the increased interest in LIT tokens, which have seen their price rally towards $5.50 before falling back below $5.