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HomeCryptocurrencyXRP Attracts $1.6 Billion in Investment Within a Week: Details

XRP Attracts $1.6 Billion in Investment Within a Week: Details

Investor interest in XRP, the native currency of the XRP Ledger, continues to surge, not minding the lingering SEC case against Ripple where the sixth-largest cryptocurrency by market capitalization is the bone of contention.

In the wake of this increasing accumulation of the XRP token by regular investors and whales alike, the price of the crypto asset has raised considerably in the past seven days, up to 8.26% at the time of writing. 

Although the XRP price is down by a few cents in the last 24 hours at press time, investors continue to move billions of XRP which has increased the cryptoasset’s market capitalization. Notably, 1,609,092,380 XRP worth $746,227,719 at the time of writing, have been traded in the last 24 hours. 

As a result of the rising XRP trading volume, the cryptocurrency’s market capitalization moved from $22.2 billion on May 12 to $23.8 billion as of May 19. This implies that XRP procured a whopping $1.6 billion from investors within a week.

XRP Attracks $1.6 Billion in Investment Within a Week: Details
XRP 1-week market cap chart courtesy of CoinMarketCap

Aside from the recent bullish sentiments and analysis from several crypto strategists and technical analysts, the latest positive developments in the Ripple-SEC case are perceived to be one of the triggers to the recent accumulation of XRP. 

As published, Judge Analisa Torres, the presiding judge over the XRP lawsuit recently denied the SEC’s motion to conceal William Hinman’s Speech Documents. This is a big win for Ripple according to the company’s chief executive officer Brad Garlinghouse, who said Ripple lawyers would work through the mechanics to make unredacted Hinman emails publicly available in a short while. But on Friday, the judge approved the one-week extension to unseal Hinman’s documents, as requested by both Ripple and the United States Securities and Exchange Commission (SEC). 

On the whole, these are pointers that the XRP lawsuit is edging close to its end with Ripple CEO confident that the case would end in favor of the cross-border payment firm and XRP.

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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
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