2023-8-15 23:00 |
Now that Ripple has prevailed over the SEC in court, major players are eager to get their hands on XRP. According to recent data, institutions have been getting their hands on the cryptocurrency at a steady rate, as reflected in the digital asset fund flows report.
Institutional XRP Holdings Rise RapidlyIn the days following Ripple’s partial victory in the SEC lawsuit, XRP volumes and prices rose dramatically as crypto traders rushed to the cryptocurrency in anticipation of a continued bull run. However, price metrics from Coinmarketcap show that the euphoria has subsided, with XRP now down 13.39% in a monthly time frame. On-chain data has also shown whales dumping the token to take profits, increasing the selling pressure on the token.
On the other hand, the tide is turning for the once embattled crypto among institutional investors as inflows into XRP digital asset funds are increasing steadily. According to the weekly report on the digital asset fund flows by CoinShares, XRP saw $0.5 million in inflows last week.
Over the past 16 weeks, XRP has seen consistent inflows into crypto investment funds, making up 12% of all digital assets under management. In total, XRP’s assets under management have risen 127% since the beginning of the year, outpacing the growth of other popular altcoins like Polygon and Cardano.
Investor Attitude Toward Crypto Funds Is GrowingCrypto funds, in general, have seen a shift to positive sentiment from investors. In the first week of the month, digital asset investment products saw outflows, with investors taking profits in recent weeks. Bitcoin alone saw outflows totaling $111 million, its highest since March. XRP, however, did witness inflows of $0.5 million during this period.
The latest report would see digital asset investment products receive inflows of $29 million throughout the week. Bitcoin would also return as the primary focus, seeing $27 million of inflows after three prior weeks of $144 million outflows.
With the recent inflows, institutional investors are signaling their faith in XRP’s future by increasing their asset holdings. In July, many digital asset funds saw a 57% increase in their XRP Exchange Traded Products (ETPs). Fineqia, for instance, saw its XRP AUM increase from $49 million to $76.8 million.
The price of the token appears to have weakened in momentum in recent weeks, much like the rest of the crypto market. At the time of writing, XRP is down by 0.60% in the last 24 hours and is trading at 0.625. Even so, the mood around XRP feels decidedly more optimistic as investors expect a final decision in the Ripple-SEC lawsuit.
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