Young Europeans Abandon Bitcoin and Ethereum in Favor of XRP

Table of Contents

According to the latest survey by Morgan Stanley, the investment preferences of young people in Europe regarding cryptocurrency are undergoing a silent revolution. The data reveals astonishing changes in the holding rates of popular digital assets.

Bitcoin and Ethereum See Significant Declines

The survey conducted among EU interns shows that the holding rate of Bitcoin has dropped from 63% in 2022 to just 12% currently—an unprecedented decline. Similarly, Ethereum has also experienced a striking decrease, from 60% down to 7%.

This decline reflects a broader trend: the percentage of individuals who do not own any digital assets has risen from 69% a year ago to 82% today.

XRP Emerges as a Notable Exception

Contrary to the general trend, XRP has recorded significant growth, rising from 0% to 5% in holding rates. Analysts suggest that this growth may be driven by recent legal breakthroughs from Ripple and a strong price increase expected by the end of 2024.

Morgan Stanley’s findings indicate that young investors in Europe are shifting their focus, prioritizing legal clarity and stability over the pursuit of highly speculative coins.

XRP Faces Downward Pressure

Despite being favored in the survey, XRP is currently struggling in the trading market. Priced at $2.98, XRP is trading below the 50-day EMA and has broken through a crucial Fibonacci support level at $2.93.

Technical indicators are reflecting negative signals. The MACD is in the negative zone, while the RSI is trending downward, indicating that market sentiment is becoming pessimistic. If XRP cannot hold firm and continues to breach the 78.6% Fibonacci level at $2.52, this coin may face a strong wave of sell-offs.

Data from the derivatives market also reflects investor caution. The open interest volume for XRP futures has decreased by 6%, a drop that far exceeds that of Bitcoin, indicating that investors are pulling back from mid-cap assets amid market instability.

Currently, the $3.03 level is becoming a key resistance that XRP needs to overcome to avoid deeper downward pressure. A recovery above this level would be a positive signal for the short-term trend of the coin.

(3 votes)