A spike in digital asset investment products brought in a startling $136 million last week, giving the cryptocurrency market a really exceptional week. It was none other than Bitcoin (BTC), which attracted an amazing $132.8 million influx, that drew the attention of investors. However, XRP stole the show as the standout performance after maintaining its upward trend with inflows of over $900,000.
The XRP exchange-traded products had exceptional success, with a surprising $1 million streaming in over the first two weeks of July alone, according to CoinShares’ most recent weekly report. With this accomplishment, XRP is now one of the best-performing cryptocurrencies, just after Solana (SOL). Surprisingly, XRP products have attracted a staggering $7 million in fund flows since the start of 2023, enhancing XRP’s position in the market.
A minor slowing in trading turnover is seen in CoinShares’ report despite the exciting spike in investments in digital assets. The overall value of the investment items for the week was $1 billion, which was less than the $2.5 billion average for the preceding two weeks. Analysts explain this drop in trading volume by seasonal impacts, which are frequently seen in the months of July and August, when trade volumes are normally lower.
The ongoing inflow of cash into XRP is evidence of investors’ interest and trust in the virtual currency. Every week that goes by, XRP continues to enthral the market and solidify its position as a serious competitor in the cryptocurrency space. All eyes are on XRP as it continues to draw attention and show its growth potential as the week’s historic start sets the platform for future developments.
