High-net-worth investors are allocating additional funds for XRP.
In its new Digital Assets Fund Flows Report, digital assets manager CoinShares says the crypto asset is now the top-rising altcoin among its institutional investors.
CoinShares reports that $33 million has been invested in the fourth-largest cryptocurrency over the past week, increasing the coin’s year-to-date inflows to $38.9 million. The firm now manages $83 million in XRP assets.
The London-based company also breached $64 billion in assets under management (AUM) for the first time as last week’s inflows for all digital assets reach $233 million, the highest since March.
Flagship cryptocurrency Bitcoin (BTC) saw the largest inflow of $108 million, followed by Ethereum (ETH) with $65.2 million.
“We believe this recent renewed appetite for digital assets is due to a combination of increasing acceptance from institutional investors, fears for inflation, and price momentum.”
The price of XRP crashed following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs, which owns the lion’s share of the tokens.
The cryptocurrency is facing renewed interest from investors after a massive rally this month, although it continues to lag significantly behind the recent growth of BTC and ETH.
At time of writing, XRP is trading at $1.18.
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Featured Image: Shutterstock/Maciej Bledowski