According to the latest CoinShares report, investments in exchange-traded funds (ETFs) focused on digital assets totaled $664 million last week. XRP stood out amidst declines in investments in other cryptocurrencies.
Overview of Crypto Fund Investments
Total inflows to Bitcoin ETFs amounted to $724 million, even as other altcoins like Ethereum experienced outflows, with Ethereum ETFs reducing by $86 million. XRP, however, showed significant growth - XRP-based funds increased by $6.7 million last week, marking a 372% boost.
The XRP ETF Situation
Discussions and speculations around the possible launch of an XRP ETF continue despite the lack of SEC approval. Prominent issuers like Franklin Templeton and Grayscale are in pursuit of launching such funds. According to Ripple CEO Brad Garlinghouse, an XRP ETF may be launched this year.
Ripple's Legal Battle with SEC
Ripple's ongoing legal battle with the SEC is another influential factor on the market. January saw a victory for Ripple as the SEC withdrew its appeal. Nonetheless, a cross-appeal by Ripple remains, and further developments could impact XRP's price.
Despite overall challenges in the cryptocurrency market, investor interest in XRP continues to grow due to the potential for an ETF and ongoing legal victories for Ripple.
