Home News Altcoin News Breathtaking Turn in XRP: Millions Came, Yet This Week, It’s 0

Breathtaking Turn in XRP: Millions Came, Yet This Week, It’s 0

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Breathtaking Turn in XRP: Millions Came, Yet This Week, It’s 0

XRP inflows dramatically reverse course following a busy few weeks.

In CoinShares’ last weekly report, XRP-focused investment product inflows dropped to zero. This abrupt stop follows a four-week trend that saw $2.7 million pour into XRP-oriented products since August.

XRP-focused exchange-traded products (ETPs) have garnered over $13 million in inflow since their launch, making them one of the most popular crypto-investment products. Only Bitcoin, Short Bitcoin, and Solana (SOL) are more popular among traditional investors than XRP.

XRP is not alone in the decline of inflows. James Butterfill of CoinShares reports that the whole digital asset investment product industry has begun to decline with only $11.2 million in outflows. Sentiment issues Despite the brief fall in inflows, digital asset investment products had a $165 million net inflow year-to-date. 

Investor mood has fluctuated this year due to digital asset regulatory changes. Last week, great hopes for a U.S. spot ETF approval were dashed when all other applications were delayed.

While inflows were low, trading volumes reached $2.8 billion for the week, a 90% increase over the year-to-date average.

Also Read: Top 5 Crypto Losers In August 2023 Despite Market Recovery

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