Wealthy investors provide additional funds for XRP.
In its new Digital Assets Fund Flows Report, CoinShares, digital assets manager, says the crypto asset is now the fastest growing altcoin among its institutional investors.
CoinShares Reports That $ 33 million was invested in the fourth largest cryptocurrency last week, bringing the coin’s inflows to $ 38.9 million since the start of the year. The company now manages $ 83 million in XRP assets.
The London-based company exceeded $ 64 billion (AUM) in assets under management for the first time as inflows for all digital assets hit $ 233 million last week, the highest since March.
Flagship cryptocurrency Bitcoin (BTC) recorded the largest inflow with USD 108 million, followed by Ethereum (ETH) with USD 65.2 million.
“We believe this recent renewed appetite for digital assets is due to a combination of increased institutional adoption, fears of inflation and price dynamics.”
The price of XRP crashed after the US Securities and Exchange Commission lawsuit against Ripple Labs, which owns the lion’s share of the tokens.
The cryptocurrency is again attracting interest from investors after a massive rally this month, although it continues to lag well behind the recent growth of BTC and ETH.
At the time of writing, XRP is trading at $ 1.18.
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Selected image: Shutterstock / Maciej Bledowski