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.
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- Source: https://dailyhodl.com/2023/08/15/institutions-consistently-adding-to-xrp-bets-throughout-the-year-as-confidence-grows-coinshares-head-of-research/
