XRP continues to record higher prices as institutional investors rallied around the crypto for the past few days. Despite the ongoing lawsuit between Ripple, the firm that created XRP, and the US Securities and Exchange Commission. XRP is not the only one rallied by the deep-pocket investors; reports show that the investors have pumped in money into numerous altcoins, driving their prices to an impressive point.
XRP is one of the industry’s biggest winners in recent times as it continues to add new gains even as a massive part of the digital asset industry faces price corrections. New reports show that the high-net-worth investors pushed close to $33 million into the digital asset, which has helped it record new gains.
Investors buy crypto products
The investors are not cooling down the buying pressure, and their latest XRP product buys have aided the coin into doubling the coins. This means that XRP holders have increased their previous XRP holdings to assure new growth. Coinshares shared its weekly report on digital asset fund flows, and this revealed how XRP saw a $33 million inflow.
The crypto’s asset under management has doubled, which was ignited by the new purchases. Interestingly, other reports opined that this week had been one of the most bullish for institutional investors as over $200 million has been injected into crypto products.
The report shows that the investors were also very bullish in early March and injected a notable amount of funds into the digital asset industry. The investors might be interested in altcoins as reports show an increased number allocated to numerous altcoins.
The investors spent $65 million on Ethereum products, Binance’s coin took around $3 million, Tezos got $7 million, with other crypto products on the list. Other assets hot around $6 million in total from the recent inflow.
Canada approves more Bitcoin ETFs
Bitcoin has the largest allocation, with over 70% of the AUM attributed to its products. The asset has around $50 billion in AUM, and the closest is Ethereum, with almost $11 billion. The other altcoins have a lesser portion, with them getting lesser than 1% of the whole portfolio. Bitcoin Cash represents $16 million, while Polkadot has an allocation of $45 million.
Reports also show increased activities from the large-scale buyers as trading volumes surge by over 59%. The investment products have hit a record of around $64 million. This shows the growing demand from cryptos and their products, and it would likely continue to grow.
The industry’s biggest asset manager, Grayscale, represents most of the crypto AUM, with around $50 billion coming from the firm alone. Coinshares also has a notable amount as it holds about $6 billion of the AUM. The others represent a small part of the AUM, with 3iQ having only 3% of the industry’s assets under management.
There has been an increased demand for crypto products globally, including Canada who recently approved the continent’s first Bitcoin ETF. Presently, the country has around three Bitcoin ETFs and has recently approved an Ether ETF.
The post XRP’s New Price Growth Caused By Institutional Investors appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/xrps-new-price-growth-caused-by-institutional-investors/
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