XRP led CoinShares inflows in an otherwise negative week
While investors sold off their ether and bitcoin holdings, they bought $3 million worth of XRP. CoinShares said that the SEC lawsuit is becoming more transparent.
In the first week of the new year, investors deserted bitcoin and ether in favour of Ripple’s XRP, which witnessed positive inflows at CoinShares.
The business said that the improved clarity on its legal dispute with the United States Securities and Exchange Commission was the reason for the addition of around $3 million worth of XRP, which represents 9% of the assets under the control of CoinShares.
Bitcoin witnessed a decrease in value of $6.5 million, while ether saw a decrease of $3 million. It was the seventh week in a row that ether had been flowing out of the system.
According to CoinShares, trading volumes have remained relatively modest at around $5 billion per day, compared with $9 billion in 2022.
In 2020, the SEC filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and its co-founder Chris Larsen, claiming that the accused traded unregistered securities when they issued XRP coins for a total of $1.3 billion. Ripple strenuously denies the notion that XRP is a security.