• The price of Ripple (XRP) has dropped back to where it was prior to the January market highs, and it shows no prospects of rising any time soon.
• CoinShares reported inflows of $300,000 for XRP-focused products last week, which is the first time since the year’s start.
• Over the previous 30 days, the coin has fallen 4% and the SEC sued Ripple in 2020 on the grounds that it had distributed $1.3 billion worth of unregistered securities using its XRP cryptocurrency.
Ripple Investor Sentiment Around XRP Switched to Positive For The First Time
The value of XRP peaked in 2021 at $3.84, but it has since fallen to $0.3938. Ripple’s XRP value began to rise gradually throughout the month of January, but it has subsequently fallen as a result of recent market corrections. In terms of year-to-date gains, XRP is trailing behind other cryptocurrencies that have recorded notable gains since the start of the year. Over the last 24 hours leading up to publication, XRP decreased to $0.39 and over the previous 30 days fell by 4%.
CoinShares‘ most recent report on money movements in cryptocurrency-focused investment products concluded with an inflow for XRP totaling $300,000 – this is a positive shift from outflows seen during late December 2022 and midweek through last week when outflows totaled US$62m before improving sentiment caused inflows at week’s end.
SEC Lawsuit Against Ripple
The US Securities and Exchange Commission (SEC) sued Ripple in 2020 on claims that they had distributed $1.3 billion worth of unregistered securities using their XRP cryptocurrency – however this claim is refuted by Ripple who maintain that their currency does not qualify as a security nor pass Howey Test standards set forth by SEC regulations..
Overall investor sentiment around Ripple’s (XPR) currency switched from negative to positive for first time despite continuing lackluster performance in markets – though price remains lower than January highs there was an influx reported in CoinShare’s report as well as continued resistance against SEC allegations regarding distribution methods for their currency