As a seasoned crypto investor with years of market fluctuations under my belt, I must admit that last week’s consolidation didn’t dampen my spirits, especially when it comes to XRP. The recent inflow of institutional interest and investment into XRP, amounting to $145.8 million in just seven days, is nothing short of impressive.
Despite the broad-based consolidation of the crypto market last week, XRP has seen significant interest from institutional investors. According to the latest report from CoinShares, XRP saw a $145.8 million inflow from corporate buyers in the trailing seven-day period. This inflow comes as a major dip acquisition for XRP as the price touched a low of $1.93.
XRP and its adoption in relation to rivals
The attractiveness of XRP to institutional investors correlates with that of Bitcoin (BTC) and other top altcoins. While XRP scored over $145 million in net flows, Bitcoin recorded a capital injection of $2 billion.
Contrastingly, Ethereum accumulated more than a billion dollars in investments during that timeframe, while Solana only managed to attract $1.7 million. Moreover, Ripple‘s inflows exceeded other altcoins, including Ethereum, with a substantial $280 million influx over the past month.
The allure of XRP stems from its multifaceted nature. Notably, last week, Ripple Labs Inc. disclosed they’ve received authorization from the New York Department of Financial Services (NYDFS) to launch RLUSD.
As a researcher, I find myself contemplating the potential impact of this significant update on XRP’s expansion. The introduction of RLUSD, a stablecoin, seems to signal a promising development for XRP’s role in trading and payment platforms. This could potentially enhance XRP’s overall usefulness by providing a complementary currency option.
The crypto industry saw a cumulative inflow of $3.231 billion last week.
XRP ETF influence
It’s quite possible that institutions are heavily investing in Ripple (XRP) due to the anticipated introduction of Exchange Traded Fund (ETF) products dealing directly with XRP. A variety of asset management firms, such as WisdomTree, Bitwise, and Canary Capital, are among those expressing interest in creating an XRP-focused ETF, suggesting a growing lineup for this investment product.
The hope for favorable decisions lies in the shift of leadership at the United States Securities and Exchange Commission (SEC). In January, it’s anticipated that Paul Atkins, who is well-regarded within the industry as a pro-crypto regulator, will assume the helm at the U.S. SEC. This change could pave the way for more crypto ETF approvals in the following year.
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2024-12-16 18:11