XRP, the fifth largest cryptocurrency by market capitalization, saw significant gains this week as the overall sentiment in the crypto market improved.
The cryptocurrency reached a high of $0.621 on Thursday, marking an impressive increase of over 12% in the last seven days.
Additionally, the broader crypto market also experienced heightened volatility throughout the week, with smaller cryptocurrencies catching up to the substantial gains made by Bitcoin and Ethereum.
However, XRP’s performance was particularly noteworthy as it remained in the green for seven out of the past eight days, demonstrating sustained momentum.
According to Data from IntoTheBlock, the increased demand for cryptocurrency is primarily driven by spot buying, as opposed to derivatives trading.
Furthermore, latest report from CoinShares revealed that a total of $326 million flowed into crypto investment products last week, with Bitcoin receiving a substantial 90% of these inflows. Notably, XRP also saw an influx of $0.2 million during the same period.
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