Ripple’s XRP, currently the world’s 6th largest crypto currency, has seen a jump in retail and institutional adoption in recent months. According to a report published by eToro, XRP continued to be the most popular crypto asset among retail investors in the UK.
Popularity of XRP is increasing
eToro data showed that UK-based retail investors preferred XRP over other digital currencies in the third quarter. XRP remained the number one choice of UK retail investors. In addition, it itself saw a 4% increase from the second quarter and a growth of 105% in one year.
In addition to XRP, UK-based retail investors showed interest in Cardano (ADA). Cardano thus overtook Ethereum (ETH) and took over second place. Cardano was up 11% in the past three months and saw a 1,230% gain over the full year. Commenting on the recent data, Simon Peters, Crypto Market Analyst at eToro said the following:
“While bitcoin holdings have risen ‘only’ by 2%, the annual increase is 325%. This shows that crypto assets are showing a lot of interest in crypto to private investors. Crypto has therefore become an essential part of many portfolios over the past 12 months. XRP took a similar trajectory. Quarter-on-quarter growth is only 4%, but many of our investors are holding onto it. Some bought it as early as 2017, others more recently. There is a strong community of XRP supporters who believe in its long-term potential.”
XRP’s price action
The sixth most valuable digital asset in the world started this year with a price level of USD 0.22. XRP peaked at $1.9 in April 2021, but saw a major correction in the months that followed. However, the crypto currency has seen steady growth since late July. Currently, XRP is trading above $1.13 with a market cap of over $53 billion.
Aside from XRP, eToro highlighted major moves of other crypto currency assets. To this she added:
“The biggest moves of the Q3 snapshot came from Algorand (605%), Polygon (430%) and Basic Attention Token (301%). Retail investors are looking for ‘the next Bitcoin’. New additions to the platform were in high demand, with Shiba Inu debuting at number 18, Enjin at number 25 and Maker at 29.“