XRP Starts 2023 With $3M Inflows In Week 1, Bucking The Overall Market Trend
XRP sees positive institutional investor sentiment.
XRP saw $3 million in inflows in the past week, bucking the overall negative investor sentiment on digital assets per Coinshares’ weekly fund flow report shared on Twitter today.
It represents a 9% increase in XRP assets under management (AuM). According to Coinshares, investors see the growing clarity in the US Securities and Exchange Commission case against Ripple as a positive for XRP.
3/ One asset stood out, XRP, with a US$3m inflow, increasing its AuM by 9%.
The improving clarity on its legal case with the SEC can be seen as increasingly favourable for XRP by the investment community. pic.twitter.com/X2FcnGtJSp
— CoinShares (@CoinSharesCo) January 9, 2023
In comparison, Bitcoin and Ethereum, which sit at the top of the crypto markets in market cap rankings, saw outflows of $6.5 million and $3 million, respectively. It marked a 3rd consecutive week of outflows for Bitcoin and an 8th consecutive week for Ethereum.
As frequently reported, the SEC case against Ripple is near its end, as both parties have fought an extended legal battle for over two years. Notably, the court expects both parties to file responses to omnibus motions filed on December 22 to seal materials related to summary judgment motions today, per the latest scheduling update.
It bears mentioning that in the wake of the FTX collapse, several pundits have poked holes at the SEC’s focus on Ripple and its failure to sniff out the fraudulent activity at FTX and prevent critical collapses in the sector it is fighting so hard to police. A recent article from Forbes’ Roslyn Layton, which has received immense support from the XRP community, bashes the SEC for its “failed” and “destructive policy of regulation by enforcement.” According to the senior contributor on international tech policy, what the SEC intended as a shakedown has met resistance, with Ripple lawyers tearing apart the SEC’s arguments.
Notably, the latest report from Coinshares adds to an emerging thread of bullish XRP narratives. Recall that Santiment Feed tapped it as its crypto pick of the month. In addition, Egrag Crypto has predicted a date for XRP to kick off a bull run in Q3 of this year. It is worth noting that a Ripple win in the SEC case could see the price of XRP go parabolic.
XRP is trading at the $0.3511 price point at press time, up 1.52% in the last seven days, with a market cap of $17.7 billion, the sixth largest crypto in this regard.
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