XRP ETF Inflows Cross $1 Billion as Goldman Sachs Emerges as The Top Whale

XRP (XRP-USD) is seeing a massive shift in who owns the supply as Wall Street giants officially move into the market. A new SEC filing has revealed that Goldman Sachs GS -1.21% ▼ is now the largest institutional holder of XRP in the United States. The bank has quietly built a $153.8 million position across several different funds. While the price of the token has been struggling lately, this news shows that the world’s most powerful investment bank is using the current dip to load up on XRP for the long term.

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Goldman Sachs Creates a Diversified XRP Bet

The bank spread its money across four different spot XRP ETFs to manage its risk. According to the latest data, Goldman holds roughly $40 million in the Bitwise XRP ETF XRP +0.26% ▲ , $38.5 million in the Franklin XRP Trust XRPZ +0.47% ▲ , $38 million in the Grayscale XRP ETF GXRP +0.48% ▲ , and $36 million in the 21Shares XRP ETF TOXR +0.60% ▲ . This single bank now accounts for about 73% of all institutional money invested in these new funds, proving that big players are becoming the new whales of the network.

New XRP Funds Have Proven to Be a Big Hit

Even with the recent price swings, the new XRP funds have proven to be a massive hit. Total net inflows into these products officially crossed the $1 billion mark recently. While retail investors, often called the “XRP Army,” still own about 84% of the total assets, the arrival of banks like Goldman suggests the Ripple overhang from the old SEC lawsuit is finally gone. Now that there is legal clarity, institutions are comfortable using these regulated wrappers to get exposure to the coin.

Analysts See Potential for XRP’s Price to Double

The timing of Goldman’s buying is interesting because it happened while other banks were becoming more cautious. Recently, Standard Chartered SCBFF -4.21% ▼ lowered its year-end price target for XRP from $8 down to $2.80, blaming a slower market and global tensions. However, even this lower target would mean the price would roughly double from its current level of around $1.38. The fact that Goldman was quietly accumulating during this period suggests they see a value that the rest of the market might be missing.

All eyes are now on the middle of May, when the next round of government filings will show if Goldman Sachs held onto its chips or sold during the recent price drop.

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