According to CoinShares, withdrawals from digital asset investment products have been ongoing for five weeks in a row, totaling $232 million. However, despite this downward trend, XRP has demonstrated strength by seeing positive inflows. Over $200,000 in inflows were seen in XRP only last week, bringing the total amount from the year’s beginning to $3 million. This positions XRP with Cardano (ADA) and Solana (SOL) as two of the top three cryptocurrencies in terms of influx value.
The good developments surrounding the current legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple, the cryptocurrency business linked to XRP, may be used to explain the rise in traditional investors’ money streaming into the cryptocurrency. Whether or whether XRP should be categorised as a security will be decided by this legal dispute.
The court’s decision to reject the SEC’s request to seal the emails sent by former SEC employee William Hinman was a significant milestone that favoured XRP. These emails are said to have important details that might dispel any rumours of a plot against XRP and expose the real feelings of SEC representatives at the time.
Ripple also made important announcements during this time. In order to demonstrate its dedication to innovation in the field of digital currencies, it announced its own Central Bank Digital Currency (CBDC) platform. Furthermore, Ripple collaborated with the Hong Kong Monetary Authority to take part in a project to develop a digital currency for China’s special administrative area.
