XRP’s $600k Fund Inflows Is Highest In 2023

XRP experienced one of the biggest increases in fund inflows for the cryptocurrency this year as funds totaling $600k were poured into these investments, giving it a significant boost.

As per latest CoinShares report, the figure is one of the highest for the cryptocurrency this year.

Over $2 billion was invested in the XRP market, showing that investors are still optimistic. Due to this, the market capitalization has increased to $27.19 billion, which is a massive 10% gain from the $24.56 billion recorded on May 27.

The inflow of capital over the week subsequently stirred XRP’s price which maintained its position above the $0.5 level.

This capital inflow coincided with increased onchain activity. On May 28, up to 490.35K addresses interacted with the network, as reported by TronWeekly. The network experienced the biggest increase of 871.98K addresses on 18 March.

Another crucial reason could be attributed to the buzz created following the ruling by presiding judge Annalisa Torres asking the SEC to produce documents related to a 2018 speech by William Hinman, the former Director of Corporation Finance for the SEC. 

In related news, Whale Alert spotted the movement of 700 million XRP valued at roughly $360 million into Ripple escrow.

On the first of every new month, Ripple has continuously released a sizeable number of tokens and has been doing this for over five years now.

For those new, the release is a part of Ripple’s ongoing, monthly distribution plan that began in December 2017.

The San-Franscisco-based payment firm still maintains a significant number of tokens in escrow after all this time. The crypto market will soon see the arrival of XRP valued at hundreds of millions.

XRP Is Now 11 Years Old

Initially, these accounts controlled 55% of the 99.9 billion XRP tokens in circulation; but, as a result of the gradual unlocking process, that ratio has now dropped to 41.9%.

The sixth-largest cryptocurrency by market capitalization completed 11 years. 

During its decade-old journey, the price of XRP had its share of ups and downs. Notably, the token marked its biggest surge of approximately 32,000% in the 2017 bull market, reaching a record peak of $3.84 on Jan. 4, 2018.

However, after the Ripple-SEC case was filed in December 2020, the price plummeted to $0.16.

The XRP price is currently rising as anticipation grows for the outcome of the Ripple-SEC lawsuit. Since May 24, XRP has remained in the green most of the time and is trading at $0.535 at the time of writing, up 1.72% over the previous 24 hours and 10% over the previous week.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.