The head of research for a leading digital assets manager says big-money players are consistently betting big on XRP.
In a new interview on the Wolf of All Streets podcast, CoinShares Head of Research James Butterfill, who writes the weekly flows reports for the firm, says that institutions have been continuing to bet big on XRP throughout the year.
XRP, the fifth-largest crypto by market cap at time of writing, was sued by the U.S. Securities and Exchange Commission (SEC) in November of 2020 under allegations that Ripple Labs had sold XRP as an unregistered security.
After a lengthy trial, the courts decided partially against the SEC earlier this year, ruling that Ripple’s automated open-market sales of XRP don’t represent securities offerings, contrary to what the SEC argued.
XRP’s price has been up and down since the ruling. However, 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.
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, down 1% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source: https://dailyhodl.com/2023/08/15/institutions-consistently-adding-to-xrp-bets-throughout-the-year-as-confidence-grows-coinshares-head-of-research/