Ripple XRP receives Highest Record-level of US$33 Million worth Weekly Investment from Institutional Investors
Ripple XRP has reported a massive institutional buying of its coin last week. Its report says that institutional investors have invested around US$33 million in the last 7-days. This is reportedly the highest record level of weekly institutional inflow XRP has ever received.
CoinShares has published the latest weekly digital asset inflows report recently. It shows that XRP’s total digital assets under management has nearly doubled last week to US$83 million. Last week, the total global crypto market has attracted US$233 million worth of inflow. For the first time, the total value under management of XRP has reached US$64-billion.
In April 2021, XRP has become one of the best performing cryptos. At the beginning of the month, XRP price was hovering around US$0.54. In the first two weeks of April 2021, the price increased by around 200%. On April 14, 2021, the price of each XRP increased a US$1.95, which is highest price level reached in 3-years.
In their report, CoinShares has said:
“XRP has been the most popular with weekly inflows of $33 million, nearly doubling its assets under management to $83 million. Inflows this week were unusually spread over a varied set of digital assets. Bitcoin saw the largest inflows of $108 million while Ethereum attracted $65 million. Inflows were also seen in Bitcoin Cash (BCH), Polkadot (DOT), Binance Coin (BNB) and Tezos.”
On April 13, 2021, the total market cap increased to US$72 billion. It went on to rise to US$90 billion on the following day (April 14, 2021), reaching the highest level in over 36 months.
With the record inflow of institutional investment in XRP, it seems the big investors have started putting their faith again on Ripple coin XRP. In January 2021, many cryptocurrebncy exchanges stopped trading XRP, following a lawsuit by the US Securities and Exchange Commission (SEC) in December 2020. The SEC lawsuit led to a meltdown in price of XRP. However, with the price increase in the last few weeks have erased all the losses.
At press time (on April 20, 2021), XRP price was down by around -11.58%. In the last 7-days, the XRP price dropped by around -23.48%. Currently, the market cap of XRP is around US$53 billion.
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