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XRP made a solid comeback last week, with $11.8 million coming in from institutional fund inflows; not bad, after a few weeks of outflows. The token is still holding strong above the $2 level, and it is starting to feel like this is the new normal.
The latest numbers come from CoinShares, whose weekly digital asset flows report showed $1.9 billion in total inflows across crypto investment products. That is now nine weeks in a row of positive flow data, with this past week setting a new year-to-date high at $13.2 billion.
Bitcoin led as expected, bringing in $1.3 billion on its own, while Ethereum posted its strongest weekly performance since February with $583 million. This has boosted ETH's recent growth to $2 billion, making up 14% of its total assets under management.
The timing of the inflows for XRP is interesting. After three weeks in a row of outflows, the bounce back suggests investors are feeling more confident about getting back in.
The price action has also stabilized; XRP was trading around $2.21 and has increased by about 2.2% over the day, with over $1.7 billion in 24-hour trading volume. Even though it is slightly down on the week, XRP is still holding strong with a market cap of $130 billion.
The general feeling in the crypto world is still risk-on, even with all the geopolitical worries still around. If this rate of inflows keeps up, XRP's quiet return to favor could end up being one of the more important undercurrents in a market that is clearly heating up again.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team