Key Insights:
- Moscow Exchange targets expanded access to crypto, with a specific focus on Solana, Ripple and Tron.
- A look at why the move could potentially pave the way for robust institutional inflows into the three assets.
- Why the move highlights crypto’s advantage as a global asset class from a sanctions point of view.
Solana price may be on the verge of a bullish pivot, along with the TRX and XRP price in the coming days. This is courtesy of a new development, which may result in expanded access through the Moscow exchange.
Analysts now have their sights set on the Solana price, along with the aforementioned counterparts, this week. This is because the Moscow Exchange just announced plans to launch Ripple, Solana, and Tron indices.
The move comes just as the three cryptocurrencies struggle to secure a bullish footing considering the recent bearish market conditions. For context, Solana (SOL) price just concluded the last 2 weeks with a 26% discount, Tron price was down by 11%, and XRP price retreated by 32% during the same period.
Solana Price in Focus Amid Moscow Exchange Backing
The Moscow Exchange’s decision to launch crypto indices for Solana, XRP, and Tron could be a major move for the crypto market. But to understand how important it could be, we must look at similar moves that have taken place in the West.
Bitcoin and Ethereum indices already exist on the NASDAQ and the NYSE. Launching Solana, XRP, and TRX indices would be similar, and the potential outcomes for the cryptocurrencies involved may be vast.
For example, the indices may unlock the floodgates for institutional liquidity to legally flow into cryptocurrencies. Such moves in the West paved the way for pension funds and hedge funds to secure exposure to the market.
The Moscow exchange may pave the way for similar outcomes in Russia. Incoming liquidity flowing into the indices could potentially boost demand for the underlying cryptocurrencies.
Strong enough demand from Moscow may trigger a bullish outcome for XRP, TRX and Solana price action. The move also underscored the rising demand for the highlighted cryptocurrencies in Russia and across the world.
In other words, XRP, SOL, and TRX are gaining global recognition as some of the most attractive digital assets. The same cryptocurrencies are held in high regard in the West, and were previously highlighted as some of the coins to be added in a US crypto reserve basket.
The Moscow Exchange’s Decision From a Geopolitical Prism
A few weeks ago, crypto headlines revealed how some countries sanctioned by the US have been using crypto to bypass sanctions. Interestingly, Russia happens to be among those countries.
Russia’s intensifying involvement in crypto highlights how sanctions have been intensifying the push towards crypto. Moreover, the fact that Solana, XRP, and TRX are among the top cryptocurrencies in the world makes them attractive for use as alternative assets in the rapidly changing global finance.
The same assets thus represent expanding access to global markets, and this may underscore the growing demand for the same assets in Russia. It will be interesting to see how the US will respond to these developments.
Russia’s move represents rapid adoption outside the US. The decentralized nature of these assets makes it more difficult for the US to enforce more sanctions.
Moreover, the US has demonstrated an aggressive need to be the leading country in crypto adoption. This latest development may push the US to make similar moves in favor of XRP, TRX and SOL.
It will be interesting to see how this rising demand for these cryptocurrencies will impact Solana price, as well as the other two cryptocurrencies.