• Ripple (XRP) concluded last week with inflows of $300,000, according to CoinShares‘ most recent report on money movements in cryptocurrency-focused investment products.
• XRP’s value peaked in 2021 at $3.84, but it has since fallen to $0.3938 due to recent market corrections.
• Last week, digital asset investment products saw outflows totaling US$32m and the highest withdrawals since late December 2022 occurred last week.
Overview
The price of Ripple (XRP) has dropped back to where it was prior to the January market highs and is not showing any prospects of rising anytime soon with its current value at $0.3938. However, on a positive note, according to CoinShares‘ most recent report on money movements in cryptocurrency-focused investment products, XRP concluded last week with inflows of $300,000 for the first time since this year’s start.
Price Change of XRP
The value of XRP peaked in 2021 at $3.84 but has since decreased significantly due to recent market corrections and is currently at its lowest point of $0.3938 over the past 30 days falling by 4%. It had started increasing gradually throughout the month of January but could not sustain its gains as a result of the ongoing corrections in the market. The coin trails behind other cryptocurrencies that have recorded notable gains since the beginning of this year as far as YTD gains are concerned.
Outflows from Digital Asset Investment Products
Digital asset investment products saw outflows totaling US$32m last week which is their largest outflow since late December 2022 mid-way through last week when outflows were much higher than US$62m; however sentiment improved by Friday leading to an inflow worth US$30 million instead.
SEC Lawsuit Against Ripple
The United States Securities and Exchange Commission (SEC) sued Ripple in 2020 alleging that it distributed unregistered securities worth 1.3 billion dollars using its cryptocurrency XRP which Ripple refutes stating that XRP does not qualify as a security nor pass Howey Test’s criteria as required by SEC regulations for something being labeled as a security or not.
Conclusion
Ripple Investor Sentiment Around XRP switched positive for the first time after an influx worth 300 thousand dollars was observed into crypto-focused investments according to CoinShares’ latest report on money movements related to cryptocurrencies despite its price dropping back down to pre January levels and current stagnation without any prospects for growth anytime soon in sight due to SEC’s lawsuit against them regarding alleged distribution of unregistered securities using their own cryptocurrency XRP which they refute saying that it does not qualify as one under Howey Test’s criteria thus making it difficult for investors who are considering investing in these digital assets while keeping up with all regulatory standards set forth by SEC laws making sure none are violated while doing so hence causing investor sentiment around XPR switching positive again after decrease observed during midweek last week when Bitcoin surged more than 10 percent before decreasing again sharply afterwards leading into inflow instead of outflow from digital asset investments reported previously during same period mentioned above concluding this article about investor sentiment around ripple turning positive for first time recently despite ongoing decreases observed throughout previous weeks thereby concluding our discussion about same topic today thus ending our article here today