Ripple News: XRP Witnesses a 244% Surge in Fund Inflow Amid Speculation of ETF
XRP, the popular cryptocurrency, has taken the investment world by storm, experiencing an astonishing 244% increase in fund inflows. According to CoinShares, a total of $2.2 million has been invested in XRP-related products, a significant jump from the previous week’s $900,000. This surge in investment aligns with the growing speculation that XRP could be the next cryptocurrency to secure an Exchange-Traded Fund (ETF), following in the footsteps of Bitcoin.
The CEO of BlackRock, Larry Fink, has added to the market’s intrigue with his recent interview on FBN. When asked about the possibility of XRP ETFs, Fink responded cryptically, saying, “I can’t talk about that!” This enigmatic comment has further fueled market speculation surrounding XRP.
XRP’s surge in fund inflows solidifies its position as the second-best performing altcoin of 2024, with only Cardano (ADA) surpassing it. XRP has garnered an impressive $3.1 million in inflows through its Exchange-Traded Products (ETPs), highlighting its popularity among investors. The recent momentum in XRP’s trend suggests a pivotal moment, supported by growing confidence in its potential entry into the ETF market.
On-chain analytics platform Santiment has observed a notable shift in sentiment towards XRP and Bitcoin. Following the historic approval of Bitcoin ETFs, there is a wave of optimism in the market regarding the possibility of other cryptocurrency ETFs, including Ethereum and XRP. Santiment has also noted a rise in XRP sentiment and discussion rates, reaching the highest level since May 2023, coinciding with discussions about the potential of an XRP ETF.
The explosive surge in fund inflows for XRP, combined with the heightened speculation surrounding ETFs, has placed it at the center of attention. XRP’s newfound legal clarity, the ongoing Ripple case, and Larry Fink’s intriguing remarks all contribute to a captivating narrative for both cryptocurrency enthusiasts and traditional investors.
Tags: Ripple (XRP)