As a seasoned researcher with years of experience tracking digital asset fund flows, I must admit that this week’s surge in XRP ETP inflows has caught my attention. A whopping 800% increase over a single week is not something you see every day! It’s reminiscent of the days when Bitcoin first broke through the $10,000 mark – pure excitement and adrenaline.
Every Monday, we get a fresh report on digital asset fund flows from CoinShares, detailing the shifting of capital between investment products focusing on cryptocurrencies. This past week was quite intriguing because it emerged that funds specializing in XRP experienced an astounding 800% rise in inflows over a seven-day period.
Over the past seven days, an additional $800,000 has been added to XRP Exchange Traded Products (ETPs), increasing the total since September’s start to nearly $2 million and from the beginning of the year to approximately $24 million. This impressive accumulation is comparable to that seen in Solana (SOL) or Chainlink (LINK) ETPs, which are also crypto-focused investment products.
XRP price outlook
Flows consistently entering into XRP Exchange-Traded Products (ETPs) often signal positivity, either coinciding with or anticipating favorable price movements in the seventh largest digital currency.
This week, XRP‘s price has significantly increased by over 9.21%, breaching the 200-day moving average and crossing a significant dynamic resistance level. At the moment, this well-known cryptocurrency is being traded at $0.63, marking its highest point in nearly two months.
SEC v. Ripple deadline
Investors might be increasing their wagers on XRP due to the expectation of significant announcements, such as the pending decision on an appeal in the legal case between the SEC and Ripple.
Based on the consensus of several legal experts, the deadline for any possible appeals regarding the recent decision recognizing XRP as a non-security falls approximately one week from now, on October 7th. Once this date passes, it is believed that no further appeals can be made concerning the ruling, which also imposed a $125 million fine on Ripple.
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2024-09-30 15:47