• The price of Ripple (XRP) has dropped back to where it was prior to the January market highs, and CoinShares‘ most recent report on money movements in cryptocurrency-focused investment products revealed that XRP-focused products had drawn money from investors for the first time since the year’s start.
• According to CoinShares‘ report, digital asset investment products saw outflows totaling US$32m last week, the largest since late December 2022. However, 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 due to recent market corrections and is trailing behind other cryptocurrencies that have recorded notable gains since the start of the year.
Investor Sentiment Around XRP Switched To Positive For The First Time
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.
CoinShare Report Reveals Positive Investor Sentiment For XRP
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 this 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.“
XRP Value Peaked In 2021 But Has Dropped Since Then
The value of XRP peaked in 2021 at $3.84 but has since fallen to $0.3938 due to recent market corrections and is trailing behind other cryptocurrencies that have recorded notable gains since the start of this year.
In terms of 24 hour changes as well as 30 day changes ,the coin has seen a decrease respectively . Over these periods ,the coin has decreased 4%.
SEC’s Howey Test Theory On XRPs Validated As A Matter Of Law
The US Securities and Exchange Commission (SEC) sued Ripple in 2020 on grounds that it had distributed $1.3 billion worth of unregistered securities using its XRP cryptocurrency which is refuted by Ripple as they assert that their currency does not qualify as a security nor pass Howey Test.
< h2 >Highest Withdrawals From Digital Asset Investment Products Since Late December 2022 Occurred Last Week
< p >According to CoinShares‘ report ,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 by Friday there had been inflows of $30 million .It ’s interesting to note that outflows peaked during a period when Bitcoin was up more than 10% and decreased by 50% after regional bottom was far behind .