Wall Street's XRP Divide: Goldman Exits as Intesa Sanpaolo Doubles Down, Price Stuck at $1.15
Published on 07/08/2026 at 05:56 | Redaktion boerse-global.de
The narrative around institutional XRP adoption is fracturing. In the span of a single quarter, one of the world's most prestigious investment banks completely unwound its exposure while a top European lender doubled its bet — all as the token itself remains locked in a weeks-long technical stalemate.
XRP changed hands near $1.11 on Tuesday, eking out a roughly 7% gain over the past week. But the broader picture is far less forgiving: the asset has shed about 41% since the start of the year and sits more than 51% lower than 12 months ago. The all-time high of $3.65, set in July 2025, remains almost 70% out of reach.
Goldman's Quiet Exit
A regulatory filing with the SEC in mid-May revealed that Goldman Sachs had liquidated its entire XRP ETF position — a portfolio valued at $153.8 million spread across four funds that had made the bank the largest institutional holder of XRP ETFs in the United States as of March. The disposal was part of a broader portfolio reshuffle: Goldman also fully exited its Solana ETF holdings and trimmed its Bitcoin and Ethereum ETF positions. The proceeds were redirected into crypto equities — stakes in Circle, Galaxy Digital and Coinbase rose by as much as 249%.
The move does not signal a wholesale retreat from digital assets. Goldman still holds a roughly $700 million Bitcoin ETF portfolio and a reduced Ethereum ETF position. Nevertheless, the complete XRP exit struck a chord with market participants who had celebrated the March disclosure as a seal of approval from the Wall Street elite.
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Intesa Sanpaolo Goes the Other Way
At the same time, Italy's largest bank, Intesa Sanpaolo, invested $18 million into XRP through the Grayscale XRP Trust. The bank's total crypto exposure has more than doubled between the fourth quarter of 2025 and the first quarter of 2026, climbing from $100 million to $235 million. The contrasting moves highlight a split in institutional conviction — some are building structured positions through regulated products while others are rotating capital into equities tied to the sector.
Technical Resistance Holds Firm
The token's price action reflects the uncertainty. On July 7, another attempt to break above the $1.14–$1.15 resistance zone failed on thin volume, extending a pattern that has repeated for weeks. Buyers have reliably defended the psychological band between $1.00 and $1.10, but sellers have held the line above $1.15.
The next support cluster sits between $1.08 and $1.10 — a level bulls need to protect to keep the short-term recovery alive. Below that, the $1.00–$1.05 zone offers a deeper floor. The 50-day moving average at $1.19 and the 200-day average at $1.47 both reside well above the spot price, confirming that the medium-term trend has not yet turned bullish.
Political Hurdles Weigh on Sentiment
Adding to the cautious mood, a key vote on US crypto legislation was delayed. Originally scheduled for early July, the Senate left for its summer recess without acting. Lawmakers remain deadlocked over how to classify new tokens. The final vote is now expected no earlier than August, leaving traders without a near-term policy catalyst.
Network Activity Tells a Different Story
Despite the price lethargy, on-chain metrics show pockets of accumulation. Nearly 5,000 new wallets were created in a single day at the end of June — the strongest daily growth in three months. Whale-sized investors appear to be positioning for a recovery, even as retail participants hold back.
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Exchange reserves reinforce that view. XRP holdings on Binance have fallen 20% since November 2024 to 2.6 billion tokens, pushing the Binance scarcity index for XRP to a 24-month high of 0.77. Meanwhile, US spot XRP ETF net assets have stabilized at around $1.045 billion.
A Critical Level Looms
The relative strength index sits at 46.8, indicating neutral territory. Thirty-day volatility remains elevated at 38%, typical of a sideways grind. Traders are watching for a daily close above the $1.18–$1.20 zone as a potential trigger for a sustained rally. Analysts at Standard Chartered recently trimmed their price target to $2.80, citing fading ETF inflows across the sector. They warn that if XRP cannot clear the $1.15 hurdle in the coming weeks, a retest of the year's lows becomes increasingly likely.
For now, the token is caught between two competing institutional narratives — one of retreat, the other of accumulation — and neither has been strong enough to break the deadlock.
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