In a surprising turn of events, Ripple XRP is riding a wave of institutional interest, defying the looming uncertainty of its SEC appeal. Bitcoin’s shadow has dominated the cryptocurrency market, but Ripple’s resilience has captured the attention of seasoned investors.
This week alone, Ripple XRP has witnessed a staggering $0.5 million surge in institutional inflows, marking the sixteenth consecutive week of capital pouring into the altcoin. The numbers speak volumes – the total assets under management for XRP funds have skyrocketed by an astonishing 127% since the dawn of 2023.
The optimism surrounding Ripple’s partial victory against the US Securities & Exchange Commission (SEC) drives this bullish sentiment. The battle between Ripple and the SEC has been a rollercoaster ride, but the recent court decision has provided a glimmer of hope for XRP and its supporters.
Institutional players’ recent capital injection carries significant weight in the investment realm. The fact that institutions continue to bet on Ripple’s potential, despite the regulatory cloud hanging over its head, underscores the growing confidence in the altcoin’s resilience and long-term prospects.
CoinShares, a prominent cryptocurrency Exchange Traded Products (ETP) company, reported a substantial movement of $29 million into digital asset investment products just last week. This influx is attributed to the unexpectedly low US inflation data, which has cast doubt on the likelihood of a September rate hike. The resultant optimism has fueled the enthusiasm among investors, contributing to the steady stream of capital into XRP funds.
A deeper look at the numbers reveals an intriguing pattern. XRP funds have been infused with a remarkable $11 million in inflows since the beginning of 2023. Multiple factors have contributed to this surge, including Ripple’s legal victory against the SEC, the strategic partnerships forged by XRPLedger with payment firms and financial institutions, and the growing adoption of XRP.
Despite the SEC’s shadow still looming, a sense of optimism prevails among XRP enthusiasts. The altcoin’s partial victory has prompted leading cryptocurrency exchanges such as Gemini to relist the asset, citing improved regulatory clarity. This renewed interest has been a significant driving force behind the sustained inflows into XRP funds.
As of the latest data, the XRP price stands at $0.6263, showing a slight increase of 0.09% over the past 24 hours. The 24-hour trading volume for XRP has reached $868,828,318.12, indicating active market activity. It’s important to note that these values are subject to real-time updates and may change as trading continues.
In terms of market capitalization, XRP holds the fifth position among all cryptocurrencies, with a market cap of $33,108,339,219. The current circulating supply of XRP is 52,787,284,454 coins, which accounts for approximately 52.79% of the total supply. The maximum supply of XRP is capped at 100,000,000,000 coins.
Looking at the price performance, the lowest recorded price over the past 24 hours was $0.6259, while the highest reached $0.6355. It’s worth noting that XRP has undergone significant price fluctuations over its history. Its all-time high of$3.84 was recorded on January 4, 2018, whereas its all-time low of $0.002802 dates back to July 7, 2014.
As the crypto market remains on its toes, Ripple XRP’s surge amid institutional inflows stands as a testament to the enduring allure of this altcoin. With the echoes of legal battles and regulatory challenges in the background, the future of Ripple XRP continues to be a fascinating saga watched by investors and enthusiasts alike.
