According to CoinShares Head of Research James Butterfill, big players are consistently placing heavy bets on XRP.
In fact, institutions have been betting big on XRP throughout the year, despite the fact that it was sued by the US Securities and Exchange Commission (SEC) for allegedly selling XRP as an unregistered security.
Institutions are betting big on XRP
However, the courts have recently ruled against the SEC, stating that Ripple’s automated open-market sales of XRP do not represent securities offerings, contrary to the SEC’s argument.
The price of XRP has been up and down since this ruling. On the other hand, we also have to state the fact that Butterfill says large institutional players have consistently bought into XRP this year.
“Definitely, I think, as we’ve had various different rulings, investors have been adding [to their XRP positions] consistently, every week. Barring a few weeks of outflows, every week this year [we have seen inflows] for XRP. So I think it is really positive for XRP in that respect.”
The notes continued and said the following:
“It just goes to show – when things have regulatory clarity, investors start backing it…
In all of our surveys that we do, the top of the list for crypto investors is regulation. That’s what they’re so concerned about. And until we have clarity on that, I think we’ll continue to see choppy, hesitant investors.”
XRP is worth $0.62 at time of writing, and this means that the digital asset is down 1% in the last 24 hours.
We suggest that you check out the original article in order to learn more details about all this.
CoinShares, a digital assets manager, reports that institutional investors are displaying heightened confidence towards altcoins, despite the outflows experienced by Bitcoin and the overall market for two consecutive weeks.
According to CoinShares’ Digital Asset Fund Flows Weekly Report, digital assets have received almost half a billion in inflows midway through 2023.
