The weekly report from CoinShares revealed a significant increase in investments in XRP-focused financial products.
Growth in XRP product investments
The analytical report from CoinShares showed that XRP-focused financial vehicles saw an 800% increase in inflows over the week. Over the last seven days, $800,000 was added to these products, bringing the total since the beginning of September to almost $2 million and to $24 million since the beginning of the year. This places XRP ETPs on par with Solana (SOL) and Chainlink (LINK) ETPs.
XRP price outlook
Continuous flows into XRP ETPs are usually a good sign, accompanying or sometimes preceding positive price action. Over the past week, the price of XRP surged more than 9.21%, breaking above the 200 MA and reaching a crucial dynamic resistance level. As of now, the popular cryptocurrency is trading at $0.63, the highest level in almost two months.
SEC v. Ripple deadline
What is driving investors to bet more on XRP? Maybe it is the anticipation of major news, like the deadline for the appeal in the SEC v. Ripple lawsuit. According to several expert lawyers, the deadline is set around Oct. 7, after which there will be no way to appeal the recent ruling that recognized XRP as a nonsecurity and forced Ripple to pay $125 million in fines.
The significant increase in investments in XRP products could indicate future growth for the cryptocurrency. The anticipation around the SEC v. Ripple case also influences the market.
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