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Forbes Senior Contributor Billy Bambrough has argued that XRP benefited from the $300 billion influx that hit the crypto market recently.
XRP Impacted in Market $300B Influx
In a recent publication, Bambrough highlighted that Bitcoin and major coins like XRP witnessed sudden rallies. The Forbes senior contributor underscored that Bitcoin has surpassed the $70,000 mark, nearing its all-time peak of $73,850 in the last 24 hours.
Goldman Sachs Reveals Bitcoin Game-Changer As $300 Billion Price Earthquake Hits Ethereum, XRP And Crypto Market https://t.co/a9k5e0l65m pic.twitter.com/S2NOHBkrMT
— Forbes (@Forbes) March 25, 2024
Additionally, he pointed out that XRP and other leading cryptocurrencies have similarly surged, contributing $300 billion to the total crypto market capitalization over the past week.
As Bambrough rightly pointed out, XRP recently ranks among the positive performers, reaching an intraday high of $0.6594 after rallying by 5.1%. On a seven-day scale, the asset is up more significantly by 15% from a low of $0.5725.
Amid the revived state of the market after weeks of severe price correction, Bambrough noted that some Goldman Sachs clients have shown readiness to enter the cryptocurrency arena.
Goldman Sachs Clients Now Ready to Enter Crypto
In particular, the Forbes pundit highlighted an increasing interest in crypto among Goldman Sachs’ hedge fund clients. He noted that these clients are observing the recent gains in the crypto market and experiencing feelings of FOMO, especially following the approval of multiple U.S. Bitcoin spot ETFs.
In a statement with Bloomberg, Max Minton, Goldman’s Head of Digital Assets for Asia Pacific, remarked:
“The recent ETF approval has triggered a resurgence of interest and activities from our clients. Many of our largest clients are active or exploring getting active in the space.”
Another Goldman Sachs executive, Mathew McDermott, expressed a similar sentiment, stating:
“The price action… has still been driven primarily by retail investors. But it’s the institutions that we’ve started to see come in. You really see now the appetite is transformed.”
Meanwhile, Max Minton noted that Goldman’s clients seeking crypto are primarily interested in Bitcoin. Yet, he noted the possibility of a change if Ethereum secures approval for a U.S.-listed spot ETF.
However, Bambrough stated that recent reports indicate that Ethereum’s current deadline for approval in May is becoming increasingly unlikely. Pundits cite fewer engagements from the U.S. SEC as a contributing factor.
It is worth mentioning that Grayscale, which has a pending application for Ether spot ETF, has stated that critical issues had already been sorted during their Bitcoin spot ETF applications, accounting for the few engagements with the SEC. As a result, they remain significantly bullish in the outlook of approval.