Fund flows into exchange-traded products tied to the popular cryptocurrency XRP surged 175% last week, according to the latest report from CoinShares. This week, an additional $700,000 flowed into XRP-related investment products, up from about $400,000 last week.
In total, $21 million has been invested in XRP ETPs since the beginning of the year. This result puts the seventh cryptocurrency in the spotlight, with only a few other assets showing better momentum.
Arman Shirinyan
If previously the surge in flows to XRP could have been related to the imminent decision of the SEC vs. Ripple lawsuit, today, as the court gave its ruling, it could be a new agenda driving flows into this particular area.
Ripple IPO soon?
Having been fined $125 million and cleared of all excessive charges, Ripple may now shift its focus to an IPO. The company has long teased such a possibility, with a focus on the near future, and even 2025. According to the latest data, the estimated value of the San Francisco crypto company is around $30 billion.
Gamza KhanzadaevIf Ripple, which actively uses XRP in its services and operations, finally makes it to the stock market and to a wider audience, the popular token will certainly gain more prominence, which means more acceptance and attention. And where there's attention, there's money.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team