Ripple's XRP leads CoinShares inflows in otherwise down week

Finance firms • January 9, 2023, 3:07PM EST
The Block/Benjamin Friedrich

Quick Take

  • XRP saw $3 million in inflows while investors exited ether and bitcoin.
  • CoinShares cited improving clarity on its SEC case. 

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.

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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.

 


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Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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