• Ripple (XRP) saw inflows of $300,000 last week, according to CoinShares‘ latest report on money movements in cryptocurrency-focused investment products. This was the first time since 2021 that XRP-focused products had drawn money from investors.
• The value of XRP peaked in 2021 at $3.84, but it has since fallen back to where it was prior to the January market highs.
• The US Securities and Exchange Commission (SEC) sued Ripple in 2020 on the grounds that it had distributed $1.3 billion worth of unregistered securities using its XRP cryptocurrency.
Ripple Investor Sentiment Around XRP Switched to Positive for the First Time
Recent Money Movement for XRP
CoinShares‘ most recent report on money movements in cryptocurrency-focused investment products found that Ripple (XRP) saw inflows of $300,000 last week; this was the first time since 2021 that XRP-focused products had drawn money from investors. The value of XRP peaked in 2021 at $3.84, but it has since fallen back to where it was prior to the January market highs.
The SEC’s Case Against Ripple
In 2020, the US Securities and Exchange Commission (SEC) sued Ripple on the grounds that it had distributed $1.3 billion worth of unregistered securities using its XRP cryptocurrency; however, Ripple refutes these claims and insists that XRP does not qualify as a security under their Howey Test theory.
Outflows and Inflows Last Week
Last week digital asset investment products experienced outflows totaling US$32m -the largest since late December 2022 – midweek followed by an improvement in sentiment by Friday with inflows of US$30m being seen instead.
XRP Price Performance
At present, over 24 hours XRP has decreased back down to $0.3938; over 30 days its price has dropped 4%. Despite trailing other cryptocurrencies recording notable gains thus far this year, there is still potential for recovery given recent positive investor sentiment towards the coin’s future prospects within the crypto market space