XRP, Ripple’s native cryptocurrency, is now experiencing a surge of optimism as funds continue to flow, even in the face of a recession-hit industry. Despite the challenges and uncertainties that have plagued the crypto market, XRP has managed to stand out, capturing the attention of investors and enthusiasts alike.
But what exactly is fueling this impressive growth? Why is XRP able to maintain its momentum while others struggle?
And, perhaps most importantly, what does the future hold for this resilient cryptocurrency?
XRP Secures Promising Investment Inflows
In a notable development, XRP has successfully attracted a surge of promising investment inflows, as evidenced by the latest report from CoinShares.
Investment products focused on XRP have seen a significant milestone being reached, with an astonishing half a million dollars invested in the past week alone, continuing the positive trend observed in the previous week. This brings the cumulative inflow since the beginning of 2023 to an impressive total of $4 million.
XRP investment inflows. Source: Bloomberg and CoinShares.
The positive investment inflows have had a tangible impact on the price of XRP, which has responded with remarkable upward momentum. CoinMarketCap reports XRP’s price at $0.53, indicating a noteworthy 2.9% rally in the past 24 hours. This price surge showcases XRP’s resilience amidst the challenging landscape of the cryptocurrency market.
Source: CoinMarketCap
Furthermore, over the course of the last seven days, XRP has experienced an impressive climb of 3.3%, solidifying its position as a promising digital asset during these turbulent times.
Exclusion From Recent Court Filings By SEC
Meanwhile, the recent court filings by the US Securities and Exchange Commission (SEC) have noticeably omitted XRP, as well as ETH and BTC, which highlights the SEC’s deliberate decision to treat XRP differently from other cryptocurrencies.
This exclusion signifies a clear acknowledgment and distinction by the SEC regarding the unique nature of XRP within the cryptocurrency landscape.
Eleanor Terrett, a well-known journalist at Fox Business, took to Twitter to express her perspective, revealing that legal sources have furnished her with potential elucidations. As per the information provided by her sources, there are several factors that could plausibly explain this noteworthy lack.
Some questions as to why the @SECGov did not name $XRP as a security token in the @binance lawsuit. According to some of my legal sources it could be one or all of a couple of reasons:
1. The SEC wants to stay away from risking inconsistent decisions.
2. It’s already being…— Eleanor Terrett (@EleanorTerrett) June 5, 2023
As US regulators intensify their crackdown on the crypto industry, altcoin investors concerned about regulatory uncertainties are turning their attention to the XRP ledger (XRPL) network.
The faith in XRP’s potential is further reinforced by the substantial growth observed in the XRPL network. In the first 10 days of June alone, the XRPL network has experienced a considerable surge in growth. Specifically, between June 2 and June 12, the number of new wallet addresses created on the XRPL network surged by an impressive 70%, rising from 1,435 to 2,443.
XRP market cap currently at $27 billion. Chart: TradingView.com
Investors Maintain Faith In Crypto’s Potential
Investors’ continued faith in XRP can be attributed to Ripple’s ongoing developments and partnerships. The strides made by Ripple in expanding the use cases of XRP and forging collaborations with financial institutions have instilled confidence in its long-term value proposition.
Featured image from InvestingHaven