XRP investment products have broken the downtrend and generated millions of dollars in inflows as traders have been dumping Ether and Bitcoin, and CoinShares believes the reason for this is improved clarity in litigation with the SEC.
According to CoinShares’ recent report, XRP funds generated a combined $3 million in inflows last week.
Surprisingly, XRP-related investment products were the exception. In total, cryptocurrency funds consolidated $9.7 million in outflows difficult to consolidate.
The aforementioned figures highlight the bearish sentiment in the cryptocurrency industry, which continues to suffer from the failure of the FTX exchange; the recent debacle surrounding Barry Silbert’s virtual currency empire Digital Currency Group continues to reinforce bearish sentiment.
According to CoinShares, bitcoin outflows totaled $6.5 million.
It is worth noting that funds based in Germany and Switzerland have received less conspicuous inflows. Its funds in the U.S. and Brazil experienced large outflows.
CoinShares understands the recent action in Ripple’s lawsuit against the United States. Securities and Exchange Commission may have been a factor in XRP funds trending over the past week.
The high stakes legal story is expected to be finally resolved in early 2023.
A potential SEC victory could have ripple effects beyond Ripple. Nearly every company operating in the crypto space may need to re-examine their own structures and formats to stay in line with existing rules. Cannot read all totals. Repeated retries…