XRP witnessed significant inflows of over $93 million as digital asset investment products tied to the cryptocurrency bucked the trend that hit top coins last week.
Summary
- XRP recorded inflows of $93 million as digital asset investment products tied to the altcoin attracted investors.
- The anticipation around upcoming ETF approvals has helped the surge in inflows.
- XRP saw significant volumes when the REX-Osprey XRP ETF launched.
As crypto exchange-traded products recorded a total of $812 million in outflows this past week, XRP digital asset investment products attracted inflows.
Crypto asset manager CoinShares reported on Sept. 29 that the global digital-asset ETP market recorded outflows as investor sentiment around Federal Reserve interest-rate cuts took a slight bump amid stronger-than-anticipated U.S. macroeconomic data.
However, as Bitcoin (BTC) saw $719 million in outflows over the week, with price also dipping to under $109,000, XRP (XRP) recorded the second most inflows with its $93 million behind Solana (SOL) with $291 million.
Both Solana and XRP, the cryptocurrency by Ripple, stood out in terms of inflows amid increased anticipation around exchange-traded funds, CoinShares noted. Investor expectations for a regulatory nod for an XRP ETF have increased in recent weeks, with the market witnessing a significant milestone with the launch of the REX-Osprey XRPR ETF.
As the ETF, filed under the U.S. Securities and Exchange Commission Act of 1940, notched record volumes on the debut day, analysts pointed to approaching deadlines for a SEC decision for top crypto spot ETFs for XRP, Solana, Litecoin and Dogecoin.
Is XRP ETFs set for approval? Check SEC’s generic listing rules
This anticipation rose as the SEC approved proposed rule changes for generic listing standards for ETPs offering spot exposure to commodities, digital assets included.
Approval means exchanges can now list spot ETFs that meet set generic listing rules “without first submitting a proposed rule change to the Commission.”
On Sept. 29, the SEC reportedly asked ETF issuers to withdraw their 19b-4 filings for various ETFs, signaling simplified rules were in action. With XRP among the tokens with futures on exchanges for the past six months, anticipation is that the SEC can greenlight XRP spot ETFs at any time.
Source: https://crypto.news/xrp-news-token-sees-93m-inflows-as-etf-decision-nears/
