Ripple (XRP) seems to be back in favor, and not just among retail investors. Investment products based on XRP saw a net inflow last week, while most other crypto funds saw a significant outflow. Nearly $62 million in total flowed from crypto investment products last week, according to a report from CoinShares.
7th Consecutive week of outflows from crypto assets, profit taking rather than downshift in sentiment likelyhttps://t.co/tSYvY8aZQr
— James Butterfill (@jbutterfill) June 5, 2023
Over half a million to XRP
According to it report flowed about $600,000 ($560,000) in XRP-related products last week. It is one of the highest weekly inflows for XRP this year. Only twice before has the weekly inflow been higher this year. The first week took place at the beginning of this year, the second week was at the end of March. Both times, the investments were accompanied by at least an 11% increase in the price of XRP.
Contrary to XRP’s success, the outflow of cryptocurrency products last week about $62 million. This huge outflow has been going on for seven weeks and has now reached $329 million. Bitcoin (BTC) and Ethereum (ETH) Funds Flowed $5.4 Million Last Week James Butterfill of CoinShares due to low trading activity. He writes that the trading volume is 60% lower than this year’s average.
The largest outflow comes from Tron (TRX), with an outflow of $51 million last week, 70% of the total. It was probably a single investment product provider that removed seed money. According to CoinShares, the outflow of the various cryptos is not related to bad sentiment, but to traders who exit their short positions and take profits.
Ripple lawsuit
The increased positive sentiment regarding XRP is mainly due to the lawsuit between Ripple and the US Securities and Exchange Commission. It seems that the judge may make a ruling in the coming months.
Attorney John Deaton even predicted that XRP can shoot above $ 2 after the lawsuit, but that is of course far from certain. As much as 5 years ago, XRP reached its all time high when the token has a value from $3.84 tapped. The value of XRP is currently about 85% below this record.