XRP attracted nearly $33 million worth of weekly institutional inflows last week, its highest level on record. XRP remained the most popular cryptocurrency among institutional investors during the last 7 days amid a massive jump in its price.
According to the latest weekly digital asset inflows report published by CoinShares, XRP nearly doubled its total digital assets under management to $83 million last week. Overall, the cryptocurrency market attracted $233 million inflows last week as the total value of the global digital assets under management reached $64 billion for the first time.
XRP remained one of the best-performing cryptocurrencies in April 2021. The cryptocurrency started this month at a price level of approximately $0.54. XRP spiked nearly 200% within the first two weeks of April and reached $1.95 on 14 April, its highest level in more than 3 years.
“XRP has been the most popular with weekly inflows of $33 million, nearly doubling its assets under management to $83 million. Inflows this week were unusually spread over a varied set of digital assets. Bitcoin saw the largest inflows of $108 million while Ethereum attracted $65 million. Inflows were also seen in Bitcoin Cash (BCH), Polkadot (DOT), Binance Coin (BNB) and Tezos,” CoinShares mentioned in the report.
The total market cap of the world’s 4th most valuable digital currency crossed $72 billion on 13 April and touched nearly $90 billion on 14 April, the highest level in more than 36 months. Despite the recent dip, XRP still has a market cap of nearly $58 billion. The latest price surge in XRP is attracting institutional investors. Several cryptocurrency exchanges around the world halted the trading of XRP in January 2021 amid a lawsuit filed by the US Securities and Exchange Commission (SEC).
But, the latest jump in institutional inflows indicates that large investors have started considering XRP as a store of value. As of writing, the cryptocurrency is trading nearly $1.25, which is down nearly 15% in the last 24 hours.