For some digital assets, the current cryptocurrency market drop has been problematic. The price of Ripple (XRP) has dropped back to where it was prior to the January market highs, and it shows no prospects of rising any time soon.
However, on the flip side, XRP concluded last week with inflows of $300,000, according to CoinShares' most recent report on money movements in cryptocurrency-focused investment products. This was the first time since the year’s start that XRP-focused products had drawn money from investors.
The report read, “Digital asset investment products saw outflows totaling US$32m last week, the largest since late December 2022. Mid-way through last week the outflows were much higher at US$62m, but sentiment improved by Friday.”
The value of XRP peaked in 2021 at $3.84, but it has since fallen to $0.3938. Ripple’s XRP value began to rise gradually throughout the month of January, but it has subsequently fallen as a result of recent market corrections. In terms of year-to-date gains, XRP is trailing behind other cryptocurrencies that have recorded notable gains since the start of the year.
XRP had decreased over the last 24 hours to $0.39 at the time of publication. Over the previous 30 days, the coin has fallen 4%. The US Securities and Exchange Commission (SEC) sued Ripple in 2020 on the grounds that it had distributed $1.3 billion worth of unregistered securities using its XRP cryptocurrency. The claims are refuted by Ripple, which asserts that XRP does not qualify as a security and does not pass the Howey Test.
The highest withdrawals from digital asset investment products since late December 2022 occurred last week and totaled $32 million. Last week, the outflows were comparatively larger at $62 million at this point, but by Friday, there had been inflows of $30 million. It’s interesting to note that the outflows peaked during the week when Bitcoin was up more than 10% and decreased by 50% after the regional bottom was far behind.
Source: https://coinpedia.org/ripple/investor-sentiment-around-xrp-switched-to-positive-for-the-first-time/