XRP beats BTC, ETH in weekly inflows: Will the token’s bullish trajectory continue
Posted:
| Last updated: January 30th, 2024
Journalist
- Embattled payment token XRP had the most inflow out of all the altcoins.
- ETH’s neglect continued and BTC fell as well.
As one of the top digital currencies in the market, Ripple’s [XRP] recent surge in popularity and performance has caught the attention of investors and traders alike, based on the CoinShares’ 3 April report. According to the digital asset investment and trading group, the payment token registered the most input in last week’s fund flow activity.
Realistic or not, here’s XRP’s market cap in ETH’s terms
Usually, CoinShares gives a summary of the digital asset fund flow weekly. And, in volume 125, activities all round were unusually lackluster.
Dips on dips but XRP thrives
Altogether, investment products’ inflow was $2.5 million, as trading volume decreased by 33% on a week-on-week assessment. This suggested that interest in adding liquidity to crypto-linked assets was not as high as in other weeks have been. Moreover, market participation was flat.
XRP, however, only lagged behind Bitcoin [BTC] as its inflow hit $800,000. Other altcoins, including Polygon [MATIC] and Binance Coin [BNB], recorded inflows worth $300,000, and $340,000, respectively.
Source: CoinShares
The rise of XRP in this regard might not come as a shock. Over the last few weeks, the sentiment towards the token has been mostly bullish. In fact, at press time, its 30-day performance remained at a 32% hike, rising above BTC within the same period.
For Bitcoin, the week was lackluster as compared to when it hit inflow as high as $127 million. However, it was during the same week that the coins’ total assets under management reached a yearly high. CoinShares pointed out,
“The price appreciation over the week left bitcoin total assets under management at their highest since the collapse of 3 Arrows Capital in June 2022 at US$23.5bn.”
ETH restraints continue
Meanwhile, Ethereum’s [ETH] case was no different from its act over the preceding weeks. Outflows from the altcoin peaked at $2.8 million, while inflows into the short-term products were $500,000.
This constraint implied that investors were still cautious about the Shanghai upgrade, which is expected to open up staking withdrawals. In this case, validators who have put their assets to work would most likely contribute to a possible selling pressure.
How much are 1,10,100 XRPs worth today?
However, XRP has been halted at the time of writing. Based on CoinMarketCap’s data, the token had lost 3.24% of its value in the last 24 hours.
In other news, Ripple’s court case with the SEC remains in limbo, as it is still uncertain who will triumph. Lately, CEO Brad Garlinghouse lashed out and showed his displeasure about the dictatorial mode of operation by the regulator.
