XRP Could Be Set For A Breakout As Investment Inflows Continue

Christian Encila

2 years ago

4 mins read

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XRP, Ripple’s native cryptocurrency, is now experiencing a surge of optimism as funds continue to flow, even in the face of a recession-hit industry. Despite the challenges and uncertainties that have plagued the crypto market, XRP has managed to stand out, capturing the attention of investors and enthusiasts alike.

But what exactly is fueling this impressive growth? Why is XRP able to maintain its momentum while others struggle?

And, perhaps most importantly, what does the future hold for this resilient cryptocurrency?

XRP Secures Promising Investment Inflows

In a notable development, XRP has successfully attracted a surge of promising investment inflows, as evidenced by the latest report from CoinShares.

Investment products focused on XRP have seen a significant milestone being reached, with an astonishing half a million dollars invested in the past week alone, continuing the positive trend observed in the previous week. This brings the cumulative inflow since the beginning of 2023 to an impressive total of $4 million.

XRP investment inflows. Source: Bloomberg and CoinShares.

The positive investment inflows have had a tangible impact on the price of XRP, which has responded with remarkable upward momentum. CoinMarketCap reports XRP’s price at $0.53, indicating a noteworthy 2.9% rally in the past 24 hours. This price surge showcases XRP’s resilience amidst the challenging landscape of the cryptocurrency market.

Source: CoinMarketCap

Furthermore, over the course of the last seven days, XRP has experienced an impressive climb of 3.3%, solidifying its position as a promising digital asset during these turbulent times.

Exclusion From Recent Court Filings By SEC

Meanwhile, the recent court filings by the US Securities and Exchange Commission (SEC) have noticeably omitted XRP, as well as ETH and BTC, which highlights the SEC’s deliberate decision to treat XRP differently from other cryptocurrencies.

This exclusion signifies a clear acknowledgment and distinction by the SEC regarding the unique nature of XRP within the cryptocurrency landscape.

Eleanor Terrett, a well-known journalist at Fox Business, took to Twitter to express her perspective, revealing that legal sources have furnished her with potential elucidations. As per the information provided by her sources, there are several factors that could plausibly explain this noteworthy lack.

Some questions as to why the @SECGov did not name $XRP as a security token in the @binance lawsuit. According to some of my legal sources it could be one or all of a couple of reasons:

1. The SEC wants to stay away from risking inconsistent decisions.
2. It’s already being…

— Eleanor Terrett (@EleanorTerrett) June 5, 2023

As US regulators intensify their crackdown on the crypto industry, altcoin investors concerned about regulatory uncertainties are turning their attention to the XRP ledger (XRPL) network.

The faith in XRP’s potential is further reinforced by the substantial growth observed in the XRPL network. In the first 10 days of June alone, the XRPL network has experienced a considerable surge in growth. Specifically, between June 2 and June 12, the number of new wallet addresses created on the XRPL network surged by an impressive 70%, rising from 1,435 to 2,443.

XRP market cap currently at $27 billion. Chart: TradingView.com

Investors Maintain Faith In Crypto’s Potential

Investors’ continued faith in XRP can be attributed to Ripple’s ongoing developments and partnerships. The strides made by Ripple in expanding the use cases of XRP and forging collaborations with financial institutions have instilled confidence in its long-term value proposition.

Featured image from InvestingHaven

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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