Investment Inflows for XRP Continue for the 16th Consecutive Week
According to CoinShares’ latest report, investment products for XRP, the native cryptocurrency of the Ripple network, have seen inflows for the 16th consecutive week since the start of 2023. Here are the key points:
– XRP saw $0.5 million in inflows during the past week, representing 12% of its assets under management (AUM).
– Bitcoin recorded the highest influx of $27 million, followed by Ethereum with $2.5 million, Uniswap with $0.7 million, and Solana with $0.4 million.
– Canada saw the most inflows of $24 million, followed by Switzerland with $8 million and the United States with $0.9 million.
– Improved investor sentiment was attributed to the recent U.S. inflation data, which fell slightly below expectations, suggesting a delay in a September rate hike.
– XRP is gaining popularity in the crypto space, as it was found to be the fastest and most cost-effective blockchain network for payments by a CryptoCompare study.
XRP’s Market Dominance and Recent Legal Victory
– The XRP Ledger (XRPL) handles transactions in 3.3 seconds with a cost of $0.00003, making it a more sustainable choice for businesses.
– XRP has gained market dominance and is currently the fifth-largest cryptocurrency by market cap.
– Ripple Labs’ partial victory in a legal battle with the U.S. Securities and Exchange Commission (SEC) contributed to XRP’s market success.
Hot Take
Despite ongoing regulatory challenges, XRP continues to attract institutional investment and gain market dominance. Its fast and cost-effective blockchain network makes it an appealing choice for businesses. With improved investor sentiment and consistent inflows, XRP’s future in the cryptocurrency space looks promising.
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