XRP and LTC Funds Surge with $1M Inflows Amidst Crypto Boom

Ripple (XRP) and Litecoin (LTC) have emerged as standout performers, securing significant inflows into crypto funds dedicated to these assets. According to the latest data from CoinShares, a leader in digital asset investment products, the week ending February 16, 2024, saw XRP and LTC attract $0.4 million and $0.6 million, respectively. This influx is part of a broader trend that has seen the crypto market experience record-breaking fund surges.

Bitcoin Leads as XRP, LTC Attract Significant Investments

The inflows to the digital asset investment products reached the astonishing level of $2.45 billion a week, unprecedented in the history of the cryptocurrency market and the investor’s interest in the cryptocurrency market. This rally, however, has helped the inflows to grow to a record $5.2 billion as of this moment and thus, suggesting a firm footing for the digital assets and the returns of investors’ confidence in them.

Assets under management (AuM) reached the peak level of $67 billion, the highest figure since December 2021. Although Bitcoin leads in the graphs of the flows with a share of about 99%, XRP and LTC investments, which amount to a significant part of the total, illustrate the changing interests of the investors within the crypto ecosystem.

Similarly, other cryptocurrencies have also been observed to have spectacular moves. Ethereum, however, remains a beneficiary to the tune of $21 million in its net inflows despite the market’s bias that the whole crypto market is Bitcoin-centric. In the meantime, Solana faced challenges, following a recent outage, the protocol had $1.6 million in outflows that affected the investors’ sentiment. Coins such as Avalanche, Chainlink, and Polygon have just received inflows of more than $1 million each, suggesting that investors are taking a healthy interest in digital currencies across many platforms.

Market Dynamics and Ripple’s Transparency

The surge in XRP and LTC funds comes at a time when the cryptocurrency market is experiencing a significant boom. XRP and LTC are currently trading at $0.56232808 and $71.2252, respectively, with market capitalizations of $30.47 billion and $5.28 billion. These figures place XRP and LTC as the sixth and twentieth largest cryptocurrencies, showcasing their enduring popularity and investor trust.

Amidst the market’s positive momentum, Ripple’s Chief Technology Officer, David Schwartz, has addressed concerns regarding the company’s handling of XRP sales. In a recent statement, Schwartz emphasized Ripple’s commitment to transparency and responsible sales practices, countering accusations of secretive XRP dumping. His comments reflect the company’s efforts to maintain open communication with investors and stakeholders, reinforcing Ripple’s stance on ethical business conduct in the face of speculative criticism.

Read Also: BlackRock’s Bitcoin ETF Leads Charts With Positive Inflows Supporting Growth