The first week in crypto for the year 2023 wasn’t quite a great one with the digital asset investment products seeing net institutional outflows of $9.3 million. However, Ripple’s native cryptocurrency XRP managed to buck the trend recording $3 million in net inflows for the last week.
On Monday, January 9, CoinShares reported that this could be amid the improving clarity in the Ripple vs SEC battle. The report notes:
XRP bucked the trend with inflows totalling US$3m representing 9% of total AuM. We believe the improving clarity on its legal case with the SEC is being seen as increasingly favourable for XRP by the investment community.
Furthermore, whales have contributed in big numbers making XRP one of the most-traded cryptocurrencies in the market. Ripple’s native crypto XRP has emerged as one of the most-traded tokens among the top 100 BSC whales. Amid the recent price surge, crypto whales moved a total of 480 million XRPs recently.
Currently, Ripple holds the edge in its legal battle with the SEC. Markets experts also believe that the case will come to its conclusion this year in 2023, and mostly in Ripple’s favor.
Attorney Jeremy Hogan, who’s closely following the Ripple case shared his opinion on what if Ripple stands to lose the case with the SEC. His opinion came as part of the response to Michelle Nightengale, the CEO of the Global Institute of Wellness Entrepreneurs.
Hogan noted that if Ripple loses the case, XRP could lose part of its utility. In his response, Hogan noted: “The U.S. accounts for 25% of world economic activity so, as a rough guesstimate, XRP would 25% of its utility.?”
Furthermore, in this case against the SEC, many see Ripple to be representing the entire crypto space. Thus, any failure could certainly lead to a market-wide negative sentiment. As of press time, XRP is trading at a price of $0.34 and a market cap of $17.5 billion. Despite the legal battle, XRP maintains it positing among the top ten digital assets.
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