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Ripple's XRP leads CoinShares inflows in otherwise down week
<span class="acf-media-credit"><span class="acf-credit"><span class="acf-credit"><a href="https://friedrichdesign.co/" target="_blank">The Block/Benjamin Friedrich</a></span></span></span>
Quick Take
- XRP saw $3 million in inflows while investors exited ether and bitcoin.
- CoinShares cited improving clarity on its SEC case.
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Ripple's XRP saw inflows at CoinShares in the first week of the year as investors fled bitcoin and ether.
About $3 million was added in XRP, representing 9% of CoinShares's assets under management, the company said, citing improving clarity on its legal case with the U.S. Securities and Exchange Commission.
Bitcoin saw outflows of $6.5 million and ether of $3 million. It was the eighth week in a row of ether outflows.
Trading volumes remained low at about $5 billion a day, compared with $9 billion in 2022, CoinShares said.
The SEC sued Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies that XRP is a security.
