XRP, ADA, DOT See A Surge In Inflows: Report
XRP along with Cardano [ADA]Polka dot [DOT]and Avalanche [AVAX] witnessed an increase in activity during the last week as total inflows hit $37 million.
A recent report published by CoinShares revealed that altcoins such as XRP, DOT, ADA, and AVAX experienced inflows totaling $0.6 million, $1.0 million, $0.6 million, and $0.5 million, respectively.
Furthermore, a startling 68% of investors’ money was allocated to short investment products. All of them, according to the research, were indications of bearish market sentiment.
World’s dominant crypto asset, Bitcoin’s inflows hit $5.7 million last week, while short-bitcoin investment products saw inflows totaling $25.5 million, the largest weekly inflow since July 2022 $51 million.
Geographically, Inflows were found to be concentrated mostly in Europe, i.e Germany and Switzerland accounting for $14 million and $10 million respectively.
On the other hand, Hong Kong saw outflows from long investment products, while 95% of the inflows into the US were into short-Bitcoin products.
In terms of the coin, XRP’s price rallied by nearly 6%, ending the day at $0.42. The 6th ranked token tapped $0.43 for the first time since November 8.
The price surge was crucial as the beginning of the week went without much noise i.e no updates from the SEC and Ripple lawsuit for investors to consider.
The case now rests in the hands of Judge Torres, with market participants and Ripple CEO Brand Garlinghouse expecting a ruling by the summer.
On the other hand, Amicus Curiae attorneys John Deaton and Garlinghouse recently spoke optimistically about the case, supporting the current XRP move toward $0.50.
XRP Community Stands To Gain From This
If the SEC’s request to redact information from papers linked to the William Hinman speech is denied, it could be the end of the SEC. For the defendants and the XRP community, this is great news.
Garlinghouse’s statements regarding the nature of the records and the SEC’s attempts to keep the speech-related materials secret from the public signal that the agency might settle before a jury trial.
Speaking from Davos, Ripple CEO Brad Garlinghouse stated this about the Hinman speech-related documents,
“When those come to light, I think you will see more kind of like, how is it possible for the SEC to decide to bring a case against Ripple given what they were saying within their own walls.”