u.today
Fund flows into exchange-traded products tied to the popular cryptocurrency $XRP surged 175% last week, according to the latest report from CoinShares. This week, an additional $700,000 flowed into $XRP-related investment products, up from about $400,000 last week.
In total, $21 million has been invested in $XRP ETPs since the beginning of the year. This result puts the seventh cryptocurrency in the spotlight, with only a few other assets showing better momentum.
If previously the surge in flows to $XRP could have been related to the imminent decision of the SEC vs. Ripple lawsuit, today, as the court gave its ruling, it could be a new agenda driving flows into this particular area.
Ripple IPO soon?
Having been fined $125 million and cleared of all excessive charges, Ripple may now shift its focus to an IPO. The company has long teased such a possibility, with a focus on the near future, and even 2025. According to the latest data, the estimated value of the San Francisco crypto company is around $30 billion.
If Ripple, which actively uses $XRP in its services and operations, finally makes it to the stock market and to a wider audience, the popular token will certainly gain more prominence, which means more acceptance and attention. And where there's attention, there's money.