In a major XRP news today, Bank of America (BofA) has disclosed significant exposure in XRP through investment in an XRP exchange-traded fund (ETF). The leading bank has continued to deepen its partnership with Ripple, exploring cross-border payments and RLUSD stablecoin.
Bank of America Discloses XRP ETF Holdings
According to the latest US SEC filing dated February 3, Bank of America (BofA) holds 13,000 shares of the Volatility Shares XRP ETF. It signals the banking giant’s deeper engagement with XRP beyond payments.
While the holding, worth $224,640, is relatively modest compared to BofA’s overall portfolio, the move highlights a strategic effort to gain regulated exposure to XRP via Volatility Shares XRP ETF. The disclosure comes amid broader institutional momentum for crypto, including XRP.
BofA began recommending crypto allocations of up to 4% to wealth management clients, initially focusing on spot Bitcoin ETFs. The bank has been working with Ripple for a long time, as Ripple President Monica Long revealed that the Bank of America CEO stated they are all in XRP.
Can XRP Price Rebound?
The US-listed spot XRP ETFs continue to see strong demand from institutions, recording only a few outflows since their launch. However, some have sold holdings despite inflows in XRP ETFs.
CoinGape reported that Grayscale insiders are selling XRP ETF holdings. Notably, DCG International Investments Ltd sold more than 19,000 GXRP shares as XRP price dropped below $1.60.
On Tuesday, spot XRP ETFs saw $19.46 million in inflows. Franklin’s XRPZ and Bitwise XRP ETF led with $12.13 million and $4.82 million, respectively.
XRP price has tanked 1% to $1.58 in the past 24 hours. The 24-hour low and high are $1.53 and $1.63, respectively. However, trading volume has increased by 24% in the last 24 hours.
The derivatives market showed selling pressure continuing in the last few hours, with no signs of rebound. The total XRP futures open interest dropped more than 4% to $2.65 in 24 hours. The 4-hour XRP futures open interest was down more than 1%. Notably, open interests on CME fell by more than 1% and 0.46% on Binance.
Source: https://coingape.com/bank-of-america-bofa-reveals-holdings-in-this-xrp-etf/
