XRP Attracts Massive $1.2 Million Inflows Amid Bitcoin Exodus

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Written By Maya Cantina

Mon, 25/03/2024 – 15:40

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XRP has garnered a massive $1.2 million in inflows, a move that contrasts sharply with the significant outflows Bitcoin experienced in the past week.

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This trend highlights growing investor interest in alternative cryptocurrencies, or altcoins, as they seek to diversify their portfolios amid a backdrop of market uncertainty.

The recent inflow into XRP is not just a routine occurrence but a signal of a broader sentiment shift among cryptocurrency investors. While Bitcoin has seen outflows totaling $904 million, XRP has managed to attract $1.2 million, showcasing the altcoin’s rising appeal.

According to CoinShares’ most recent report, digital asset investment products had record weekly outflows of $942 million, the first such after a record seven-week run of inflows totaling $12.3 billion.

The recent price decline prompted investor reluctance, resulting in substantially smaller inflows into new ETF issuers in the United States, which witnessed $1.1 billion in inflows, somewhat offsetting incumbent Grayscale’s significant $2 billion losses last week.

Bitcoin accounted for 96% of the flows, with $904 million in outflows, while short Bitcoin experienced small outflows totaling $3.7 million. Ethereum, Solana and Cardano also sustained losses, recording $34 million, $5.6 million and $3.7 million in outflows, respectively.

The departure of funds from Bitcoin and Ethereum, which collectively amounted to $976 million in outflows, has opened a window of opportunity for altcoins like XRP and Litecoin.

The rest of the altcoin space, including XRP, fared well, seeing net inflows of $16 million.

At the time of writing, XRP was up 0.92% in the last hour to $0.638. The XRP price has steadily ticked higher since Friday’s drop to a low of $0.598.

XRP will mark its third consecutive day of gains if today closes in the green, having reached intraday highs of $0.6422 in today’s trading session.

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