XRP is continuing to gain momentum, with a significant increase in institutional investment. According to CoinShares‘ latest research report, digital asset investment products experienced a massive $3.2 billion in net inflows last week, marking the 10th consecutive week of positive inflows. This surge highlights growing institutional and retail interest in digital assets. Notably, XRP saw record inflows of $145.8 million, up from $134.3 million the previous week, coinciding with its recent price rally.
The sustained demand for XRP reflects broader trends in the cryptocurrency market, with Bitcoin and Ethereum also recording impressive inflows. Bitcoin saw $2 billion in inflows, while Ethereum recorded $1 billion. Despite this, XRP’s performance is particularly noteworthy, as it continues to attract significant attention from institutional investors.
One key factor contributing to this surge in XRP demand is the increasing likelihood of an XRP ETF launch in the U.S. The crypto community’s optimism is bolstered by recent political developments, including Donald Trump’s crypto-friendly stance and the resignation of SEC Chair Gary Gensler. These changes have led to a growing expectation that XRP could soon gain approval for an exchange-traded fund (ETF), with firms like Bitwise, 21Shares, Canary Capital, and WisdomTree filing applications with the SEC.
Additionally, the ongoing legal battle between Ripple and the SEC has created a sense of anticipation among XRP investors. Many are hopeful that the lawsuit will soon be resolved, especially after Gensler’s exit from the SEC. Ripple’s Chief Legal Officer, Stuart Alderoty, has been vocal in criticizing Gensler’s handling of the case, further fueling optimism for Ripple’s prospects.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 800,000,000 #XRP (1,927,321,529 USD) transferred from #Binance to unknown wallethttps://t.co/fOCWqJhcru
— Whale Alert (@whale_alert) December 16, 2024
XRP’s price is also benefiting from this bullish sentiment. While the token’s price fell by 2% in the past 24 hours, currently trading at $2.36, analysts remain highly optimistic about its future. Some predict that XRP could easily surpass the $3 mark, with long-term projections reaching as high as $5 by 2025. Technical analysis from experts like CrediBULL Crypto and Crypto Tony suggests that XRP’s market structure is looking increasingly bullish, with rising buy pressure and increasing whale activity.
The broader cryptocurrency market continues to experience growth, with countries like Switzerland, Germany, Canada, and Australia seeing significant inflows. As institutional and retail demand for XRP grows, its price trajectory remains one to watch closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: XRP Price Surges to $2.41, Could an XRP ETF Push It to $10?
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