XRP, Ripple’s native cryptocurrency, is now experiencing a surge of optimism as money continues to flow in, even in the face of a recession-hit industry. Despite the challenges and uncertainties facing the crypto market, XRP has managed to attract the attention of investors and enthusiasts alike.
But what’s really driving this impressive growth? Why has XRP been able to maintain its momentum while others are struggling?
And, perhaps most importantly, what does the future hold for this resilient cryptocurrency?
XRP secures potential investment flow
In a remarkable development, XRP has successfully attracted an increase in investment inflows, according to the latest report from CoinShares.
An investment product focused on XRP has hit a significant milestone, with an astonishing half a million dollars invested in the past week, continuing the positive trend seen over the past week. This brings the cumulative inflows since the beginning of 2023 to an impressive total of $4 million.
XRP investment flow. Sources: Bloomberg and CoinShares.
The positive investment inflow has had a tangible effect on the price of XRP, which has responded with a notable upward movement. CoinMarketCap lists the price of XRP at $0.53, indicating a significant increase of 2.9% over the past 24 hours. This price increase demonstrates the resilience of XRP amid a challenging landscape in the cryptocurrency market.
Source: Coinmarketcap
Furthermore, during the past seven days, XRP has experienced an impressive climb of 3.3%, cementing its position as a promising digital asset during these turbulent times.
Exclusions from Recent Court Filings by the SEC
Meanwhile, XRP, as well as ETH and BTC, have been left out in a recent court filing by the US Securities and Exchange Commission (SEC), which highlights the SEC’s deliberate decision to treat XRP differently from other cryptocurrencies.
This exclusion marks a clear acknowledgment and distinction by the SEC regarding the unique nature of XRP within the cryptocurrency landscape.
Eleanor Terrett, a well-known reporter for Fox Business, took to Twitter to express her perspective, revealing that legal sources have equipped her with possible interpretations. According to information provided by his sources, there are several factors that could explain this notable shortfall.
some questions as to why @SECGov not named $XRP as a security token in @binance trial. According to some of my legal sources it could be one or all of the reasons:
1. The SEC wants to avoid the risk of inconsistent rulings.
2. It’s already happening…— 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 belief in the potential of XRP is further strengthened by the substantial growth seen in the XRPL network. In the first 10 days of June alone, the XRPL network has experienced a surge in growth. Specifically, between June 2 and June 12, the number of new wallet addresses created on the XRPL network increased by an impressive 70%, from 1,435 to 2,443.
XRP market cap currently stands at $27 billion. Chart: TradingView.com
Investors maintain faith in crypto’s potential
The continued confidence of investors in XRP can be attributed to the ongoing developments and partnerships with Ripple. The steps taken by Ripple to expand XRP’s use cases and collaboration with financial institutions have instilled confidence in its long-term value proposition.
Featured image from InvestingHaven
source: www.newsbtc.com
