Asset management company Bitwise made its largest XRP purchase since recent events, acquiring $19.17 million in XRP in a single day. This occurred in early September when there was a surge in institutional interest in the XRP-based investment product. On the same day, the Franklin fund also recorded a small inflow of $862,000, but nearly all volumes of new capital came specifically from Bitwise. As a result, Bitwise's assets under management have risen to $615 million, confirming its leadership in the ETF market related to XRP.
With the increase in institutional demand for XRP, a parabolic price dynamic was observed for this asset, which rose by more than 8% on the same day. XRP broke through the resistance level of $1.65, putting it on track to reach the long-awaited mark of $2. Thus, investors are showing greater willingness to access XRP through Bitwise, confirming its status as a leading player in the ETF market for this cryptocurrency. According to the latest on-chain analysis, the total volume of XRP managed by Bitwise is approaching $650 million, indicating stable interest from institutional investors.
Recent activity in the ETF market related to XRP demonstrates confident steps toward recovery, highlighting the significance of funds utilizing crypto assets. Bitwise, in turn, stands out among other ETFs, emphasizing their leading positions in this segment of financial services. The upcoming weeks could be crucial for further growth in institutional interest in XRP and, consequently, for its price level, which is currently aimed at the $2 mark.
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