XRP, the seventh largest cryptocurrency by market cap has witnessed a significant 100% surge in inflows, with a whopping $185 million pouring into digital asset investment products in the past week.
According to the most recent CoinShares report, digital asset investment products saw inflows for the fourth consecutive week totaling $185 million. May saw $2 billion in inflows, pushing year-to-date inflows past the $15 billion mark for the first time on record.
Inflows to Bitcoin were $148 million, while XRP received $0.8 million. Quite notable is the fact that in the prior week, XRP saw $0.4 million, which represents a 100% increase on this basis.
📊 Digital asset investment products saw inflows of US$185m for the 4th consecutive weeks. May saw inflows of US$2bn. Most of the inflows went into #Bitcoin with US$148m.
Get more insights in our full report: https://t.co/Hv8LThOVh4 pic.twitter.com/WMK0JJasuz
— CoinShares (@CoinSharesCo) June 3, 2024
The doubling of inflows into XRP is particularly noteworthy as speculations about crypto ETFs are on the rise following the approval of Ethereum ETFs in May.
Crypto ETFs are significant because they allow investors, especially institutional investors, to gain exposure to cryptocurrencies and digital assets without holding these assets directly.
At Consensus 2024, Ripple CEO Brad Garlinghouse predicted that any XRP exchange-traded fund (ETF) was inevitable and that it was only a matter of time before many other cryptocurrencies were approved for comparable fund offerings.
Garlinghouse also predicted that the crypto sector would reach a $5 trillion valuation with the recent approval of spot Bitcoin BTC and Ethereum ETFs in the United States.
At the time of writing, XRP was up 0.98% in the last 24 hours to $0.521. XRP boasts a 70.88% increase in 24-hour trading volumes, coming in around $1 billion.
Presently, the XRP price is seeking to decisively break above the daily SMA 50 at $0.52 after trading near it in recent days. This barrier has significantly constricted the XRP price since mid-April.
If bulls succeed in their quest, XRP will target the $0.573 and $0.6 levels next.
