XRP inflows by corporate buyers have grown significantly over past month
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U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.Despite the broad-based consolidation of the crypto market last week, XRP has seen significant interest from institutional investors. According to the latest from CoinShares, XRP saw a $145.8 million inflow from corporate buyers in the trailing seven-day period. This inflow comes as a major dip acquisition for XRP as the price touched a low of $1.93.The attractiveness of XRP to institutional investors correlates with that of Bitcoin and other top altcoins. While XRP scored over $145 million in net flows, Bitcoin recorded a capital injection of $2 billion. Ethereum, on the other hand, achieved over $1 billion in inflows, with Solana seeing just $1.7 million within the same period. XRP extends its lead over other altcoins besides Ethereum, with its $280 million inflow in the past month. The reason for XRP’s attractiveness is multi-faceted. Last week, Ripple Labs Inc. revealed that it has secured approval to launch RLUSD from the New York Department of Financial Services . Institutions are also likely betting big on XRP because of the potential emergence of spot Exchange Traded Fund products. From WisdomTree to Bitwise and Canary Capital, the list of asset managers queuing for the The expectation of approval hinges on the change in the United States Securities and Exchange Commission's leadership. In January, Paul Atkins, an pro-crypto regulator, is expected to lead the U.S. SEC, setting a positive pace for more crypto ETF approvals next year.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.Eliza Labs and Stanford University’s FDCI to Explore AI Agents Impact on Digital Currency Systems BloFin WOW 2024: Inaugural Global Trading Event Breaks Records With 1M USDT Prize Pool and Top Trader Participation
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