XRP Investments Soar by 100% in the Past Year
Date: 2024-01-05 Author: Dima Zakharov Categories: IN WORLD
Cryptocurrency investments have been on the rise, and 2023 proved to be a pivotal year for the digital asset market. According to a recently published annual report by CoinShares, investments in exchange-traded products (ETPs) focused on XRP experienced a remarkable surge. The influx of funds into XRP doubled compared to the previous year, with XRP ETPs closing 2022 at $8 million and skyrocketing to an impressive $16 million by the end of 2023.
Among altcoins, XRP ETPs claimed the third spot, trailing behind Solana (SOL) and Ethereum (ETH). Notably, XRP assets under management reached a substantial $77 million.
Despite the $18 million increase in XRP ETPs in 2023, it falls short of the peak reached in 2021 when the figure soared to an astonishing $63 million. This year was marked by significant cryptocurrency milestones, resulting in a substantial inflow of funds into investment solutions such as ETPs.
What Awaits Us in 2024?
As we await the new year, the situation appears promising yet uncertain. The lingering question is whether XRP can surpass its previous records. With a multitude of XRP-focused investment products currently available on the market, including GXRP by ETC Group, AXRP by 21Shares, and the highly anticipated Valor Ripple XRP ETP, all is set for potential breakthroughs.
While 2023 demonstrated an impressive 100% increase in fund influx for XRP, industry experts are closely monitoring developments in the coming year, anticipating signs of whether the digital asset can surpass its previous heights or face new challenges.
