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'Astonishing' XRP Surge Driven by Regulatory Hopes, ETF Speculation: Analysts

Author: Content Editor
The price of XRP, the token of Ripple Labs, has increased by over 430% since November 5th, outpacing Bitcoin and Ethereum. Asset managers have filed for products in the US that would allow traditional investors to gain exposure to the spot price of XRP, with similar products already existing and experiencing notable inflows outside the US. CoinShares reported that XRP digital asset products have seen $95 million in inflows in the past week, representing 67% of total inflows this year and bringing year-to-date allocations to XRP to over $141 million. This increase in inflows is attributed to speculation on the approval of an exchange-traded product for XRP. It is believed that XRP's strong performance is also due to Ripple's strong brand recognition and its "very well-established" status. XRP's recent price jump has made it the third-largest digital asset by market cap, and it has become the third-most-traded digital asset, surpassing Ethereum and Dogecoin in terms of volume. The rally in XRP has been partly driven by renewed regulatory hopes following SEC Chair Gary Gensler's announcement that he will be leaving the SEC in January 2022.

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