According to U.Today, XRP, the seventh largest cryptocurrency by market cap, has experienced a significant 100% surge in inflows, with a substantial $185 million invested into digital asset products in the past week. The most recent CoinShares report reveals that digital asset investment products have seen inflows for the fourth consecutive week, totaling $185 million. In May, inflows reached $2 billion, pushing year-to-date inflows past the $15 billion mark for the first time on record. Bitcoin received inflows of $148 million, while XRP received $0.8 million. Notably, XRP saw $0.4 million in the previous week, marking a 100% increase.
The doubling of inflows into XRP is particularly significant as speculations about crypto ETFs are increasing following the approval of Ethereum ETFs in May. Crypto ETFs are important as they allow investors, particularly institutional investors, to gain exposure to cryptocurrencies and digital assets without directly holding these assets. Ripple CEO Brad Garlinghouse, speaking at Consensus 2024, predicted that an XRP exchange-traded fund (ETF) was inevitable and that it was only a matter of time before many other cryptocurrencies were approved for similar fund offerings. Garlinghouse also forecasted that the crypto sector would reach a $5 trillion valuation with the recent approval of spot Bitcoin BTC and Ethereum ETFs in the United States.
At the time of writing, XRP was up 0.98% in the last 24 hours to $0.521. XRP boasts a 70.88% increase in 24-hour trading volumes, coming in around $1 billion. Currently, the XRP price is aiming to decisively break above the daily SMA 50 at $0.52 after trading near it in recent days. This barrier has significantly constricted the XRP price since mid-April. If bulls succeed in their quest, XRP will target the $0.573 and $0.6 levels next.