XRP and Solana saw massive buying from institutional investors, according to a digital funds flow report on Monday. This comes as Ripple CEO Brad Garlinghouse decided to drop the appeal in the 2nd Circuit. Notably, the demand increased after Bloomberg’s ETF analysts set odds of XRP and Solana ETFs approval to 95% recently.
XRP saw $10.6 million in buying from institutional investors as compared to $2.7 million a week ago, according to the CoinShares report on June 30. Thus, a 292% rise in buying activity was recorded week-over-week as Ripple and the US SEC decided to drop appeals in the 2nd Circuit court.
Meanwhile, Solana recorded $5.3 million in buying as compared $2.8 million in the previous week. This accounts for an almost 90% increase in buying from investors. The demand for Solana remains intact due to the high odds of ETF approval by the US SEC.
Crypto asset investment products saw $2.7 billion in inflows last week, bringing H1 totals within striking distance of $17.8 billion last year. Bitcoin recorded $2.2 billion in net inflows, while Ethereum saw $429 million in net inflows.
Amid this major XRP news, prospects of XRP ETF approval in the United States have increased after Canada greenlighted Purpose and 3iQ spot XRP ETFs this month. Notably, Ripple also invested in 3iQ XRP ETF.
XRP price pared earlier gains, with the price currently trading at $2.18. The 24-hour low and high were $2.18 and $2.23, respectively.
Meanwhile, SOL price fell 1% in the past 24 hours, with the price currently changing hands at $150. The 24 hour low and high were $149.61 and $154.42, respectively.
Also Read: Ripple-partner SBI Moves $703 Million in XRP, What’s Happening?
