As the market for Bitcoin turned bearish, investors have started flocking towards altcoins. Ripple has had a rocky journey ever since the bull run started as Ripple Labs found itself tangled in litigation. However, as the defense appears to be performing well currently in the Ripple Labs v. US Securities & Exchange Commission lawsuit, the cryptocurrency has begun moving upwards.
Recently a discovery motion was submitted by the legal team of Ripple Labs to gain access to SEC’s documentation on Bitcoin and Ethereum in order to refute the claim of SEC that Ripple is fundamentally different than other cryptocurrencies. The victory along with the denial of access to Ripple executives’ financial records has put the cryptocurrency back on track.
XRP saw a huge rally of investors the past week. CoinShares Weekly digital asset fund flow report revealed that around $33 million were injected into XRP products the past week. This makes the total asset under management of XRP almost double to a total of $83 million.
Most of the altcoins observed huge investment inflows according to the report. Around $65 million were injected into Ethereum products, $3 million into Binance Coin, $4 million to Bitcoin Cash while Polkadot saw $5 million in investment and Tezos $7 million. Although Bitcoin products still hold a majority of assets under management at $50 billion – which is nearly 78% of the total AUM – but the bearish momentum of Bitcoin may divert the attention to altcoins.
Institutional interest in the crypto sphere, in general, has been increasing. From a time when institutions like Goldman Sachs regarded cryptocurrencies to have mere speculative to investing heavily into them. Goldman Sachs along with other leading banks have announced to offer cryptocurrencies because of high client demand.