XRP has demonstrated notable growth, attracting $11.8 million from institutional investors, which reinforces its price above $2. An analysis of the latest inflow data in the crypto market indicates positive trends.
Inflows to XRP
Last week, the XRP token attracted $11.8 million in investments from institutional funds. This follows several weeks of outflows. Currently, XRP is trading steadily above the $2 mark, becoming a new norm for this asset.
Overall State of the Crypto Market
According to CoinShares, the total inflow of funds into crypto investment products amounted to $1.9 billion, marking the ninth consecutive week of positive inflow data. Last week also set a new record for the year with $13.2 billion raised. Bitcoin led with an inflow of $1.3 billion, while Ethereum demonstrated strong performance at $583 million.
Future of XRP and Investor Sentiments
The recovery of XRP comes after three weeks of outflows, indicating growing investor confidence. Currently, XRP is trading around $2.21, increasing by 2.2% over the day, with a daily trading volume exceeding $1.7 billion. Although there is a slight decrease for the week, XRP's market cap stands at $130 billion.
With the current trends in the cryptocurrency market and increased investment volumes, XRP could become an important player in the developing market, despite global economic challenges.
