Despite the broad-based consolidation of the crypto market last week, XRP has seen significant interest from institutional investors. According to the latestreport from CoinShares, XRP saw a $145.8 million inflow from corporate buyers in the trailing seven-day period. This inflow comes as a major dip acquisition for XRP as the price touched a low of $1.93.
XRP and its adoption in relation to rivals
The attractiveness of XRP to institutional investors correlates with that of Bitcoin (BTC) and other top altcoins. While XRP scored over $145 million in net flows, Bitcoin recorded a capital injection of $2 billion.
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Ethereum, on the other hand, achieved over $1 billion in inflows, with Solana seeing just $1.7 million within the same period.XRP extends its lead over other altcoins besides Ethereum, with its $280 million inflow in the past month.
The reason for XRP’s attractiveness is multi-faceted. Last week, Ripple Labs Inc. revealed that it has secured approval to launch RLUSD from the New York Department of Financial Services (NYDFS).
This major update spelled a bad omen for XRP’s growth through deep liquidity provision. TheRLUSD stablecoin is poised to complement XRP in trading and payment platforms, boosting the coin’s overall utility.
The crypto industry saw a cumulative inflow of $3.231 billion last week.
XRP ETF influence
Institutions are also likely betting big on XRP because of the potential emergence of spot Exchange Traded Fund (ETF) products. From WisdomTree to Bitwise and Canary Capital, the list of asset managers queuing for theXRP ETF is growing.
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The expectation of approval hinges on the change in the United States Securities and Exchange Commission's (SEC) leadership. In January, Paul Atkins, anindustry-approved pro-crypto regulator, is expected to lead the U.S. SEC, setting a positive pace for more crypto ETF approvals next year.
