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XRP Among Top Altcoin Winners in Digital Asset Investment Surge: CoinShares

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Mon, 27/03/2023 - 15:35
XRP Among Top Altcoin Winners in Digital Asset Investment Surge: CoinShares
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Digital asset investment products experienced a remarkable turnaround after six weeks of outflows totaling $408 million. According to CoinShares' latest report, recent inflows amounted to $160 million, the largest weekly gain since July 2022.

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Amid this surge, XRP emerged as one of the top winners among altcoins with inflows of $1.2 million.

The controversial token, which is linked to blockchain company Ripple Labs, is currently trading at $0.48, up roughly 6.3% in the past few hours and about 24% over the past week.

As reported by U.Today, XRP-friendly lawyer John Deaton suggested that the XRP price could potentially surge if Ripple Labs prevails in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

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The extremely important court decision, which is expected within the next few weeks, could provide much-needed clarity for XRP's future growth and significantly impact the broader cryptocurrency market.

Notably, inflows were recently observed across multiple countries, indicating a broad improvement in sentiment in the asset class. The United States, Germany and Canada led the charge with inflows of $69 million, $58 million and $26 million, respectively.

Bitcoin, the flagship cryptocurrency, was the primary beneficiary, receiving inflows of $128 million. Altcoins such as Solana and Polygon also experienced significant inflows, with $4.8 million and $1.9 million, respectively. These investment surges come amid increasing investor concerns about stability in the traditional finance sector.

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