Investors’ interest in XRP spikes as investment products linked to XRP saw an inflow of $1.1 million last week.
There has been positive sentiment toward the sixth-largest cryptocurrency by market capitalization following positive events in the lawsuit between Ripple and the SEC.
Per a report shared by digital asset management firm CoinShares, XRP-related investment products “saw inflows for the 3rd week totaling $1.1 million month-to-date (MTD).” Interestingly, the asset class saw an inflow of $11 million year-to-date (YTD).
4/ 📈 XRP saw inflows for the 3rd week totalling US$1.1m.
The SEC case is still ongoing, but recent events seem to have given confidence to investors. pic.twitter.com/35IdURLBZI
— CoinShares 👩🚀 (@CoinSharesCo) November 7, 2022
Positive Developments in Ripple vs. SEC Suit
The development suggests growing confidence in XRP among investors as the ongoing lawsuit seems to be going in Ripple’s favor. The lawsuit has been going in Ripple’s way in the past few weeks.
A dozen firms and trade associations have countered the SEC’s claim that XRP is security via different amicus briefs. For over a year, the SEC has asserted that XRP is a security based on the Howey test. However, Ripple has maintained that XRP is not a security.
The leading blockchain company noted that the regulators could not establish a legal theory to support the claim that XRP is a security. Interestingly, a dozen firms and trade associations have thrown their weight behind Ripple against the SEC.
The enterprises noted in their respective briefs that the lawsuit has affected their businesses and poses a threat to the United States economy.
Aside from Ripple’s numerous support from a dozen companies, the crypto firm recently pulled a major victory against the SEC. The Securities and Exchange Commission finally surrendered the drafts of William Hinman’s speech to Ripple after months of a legal battle.
These positive developments have helped revive investors’ confidence in XRP. It is noteworthy that whales’ activities for XRP have skyrocketed lately. Ripple whales have been moving hundreds of millions of XRP to and from exchanges daily.