XRP records $1M inflows as investors show confidence

XRP records $1M inflows as investors show confidence

June 20, 2023

By Michael Nderitu

How much are 1,10,100 XRPs worth today?

XRP was among the coins benefiting from increased demand as investor preference shifted towards altcoins.

XRP was still experiencing short-term sell pressure despite the favorable weekly outcome.

Digital asset management firm Coinshares released its latest weekly report on 19 June, which XRP investors and enthusiasts might find appealing. The report particularly highlighted how top cryptos by market cap fared in the last seven days.

According to the Coinshares report, altcoins have been receiving more investor attention after last week’s crash. Investors added over $1 million to their XRP positions, making it the biggest gainer in the asset management firm’s portfolio.

XRP‘s large number of inflows reflected the optimism traders have regarding the SEC-Ripple legal battle.

Assessing the impact on XRP’s price action

The liquidity inflow has been apparent in XRP’s price action in the last four days. It exchanged hands at $0.49 at press time, representing an 8.8% upside. The bullish pivot also occurred right after the price retested an ascending support line.

The bounce also coincided with a recent statement from Ripple CEO Brad Garlinghouse regarding the Hinman documents. The statement may have played a key role in rejuvenating investor interest. But what does this mean for the altcoin’s performance in the short to mid-term?

XRP’s performance still hinges on the assumed outcome of the legal battle between Ripple and the SEC. It is worth noting that things were leaning in Ripple’s favor at press time, but the final decision was yet to be made.