The recent approval and launch of spot Bitcoin ETFs in the US has had a positive ripple effect on the crypto market, particularly for XRP.
CoinShares’ weekly data on digital asset fund inflows shows a significant increase in institutional investor interest in XRP-based investment products, fueling speculation about the approval of a spot XRP ETF shortly.
The introduction of spot Bitcoin ETFs resulted in a significant increase in both price and general market sentiment for XRP, the Ripple network’s native crypto.
CoinShares reported a remarkable 244% increase in weekly net inflows into XRP-based products, totaling $2.2 million. This surge in investor interest places XRP among the top-performing altcoins in terms of weekly net inflows.
Corresponding to the positive trend in XRP’s market performance, Santiment’s on-chain analytics show an increase in social media mentions and overall popularity of XRP.
This surge coincides with a broader shift in the crypto investment landscape, which was triggered by the SEC’s approval of spot Bitcoin ETFs. Investors are now looking forward to the potential approval of an XRP spot ETF.
The approval of spot Bitcoin ETFs signaled a significant shift in the crypto investment landscape. With the positive momentum generated by these approvals, market participants are speculating on whether the US regulator will approve an XRP spot ETF.
Industry experts, including Valkyrie’s Chief Investment Officer Steve McClurg, are optimistic about the possible approval shortly.