Ripple News: Fineqia Spots a Whopping 57% Surge in XRP-Backed ETPs

The post Ripple News: Fineqia Spots a Whopping 57% Surge in XRP-Backed ETPs appeared first on Coinpedia Fintech News

As digital assets continue to sway global markets, a recent analysis by Fineqia paints a vivid picture. Amidst an impressive 70% growth in Exchange Traded Products (ETPs) AUM, Ripple’s XRP shines as the star performer.

Institutional Interest in #XRP
The ruling in the SEC v. Ripple Labs in favor of Ripple (XRP) led to an increase in Assets Under Management (ETPs) for @FineqiaPlatform.
Press Release Aug 8, #XRP increased by 57%, to $76.8 million from $49 million.

If you have a chance, catch… pic.twitter.com/xb6X0RiSKD

— Crypto Eri Carpe Diem (@sentosumosaba) August 9, 2023

The XRP Resurgence: An Institutional Magnet

This is going to be good news for Ripple enthusiasts. According to the meticulous analysis by the fintech moguls, Fineqia International Inc., Assets Under Management (AUM) of Exchange Traded Products (ETPs) holding Ripple swelled by an eye-popping 57%, leaping to $76.8 million from a modest $49 million.

This surge came hot on the heels of the favourable verdict in the SEC v. Ripple Labs face-off last month, a ruling that not only boded well for Ripple but also heralded a rising sun for certain altcoins.

Crypto Chronicles: The Digital Asset Dance

While the year-to-date period saw a hefty 70% growth in ETPs with digital assets as underlying collateral, with the AUM hitting $34 billion by July end, the highlight remains Ripple’s undeniably magnetic allure.

However, there’s a plot twist. Over 90% of the ETPs AUM was dominated by Bitcoin and Ethereum, a statistic that Fineqia CEO Bundeep Singh Rangar highlighted with caution. But in this landscape dominated by the crypto titans, Ripple’s meteoric rise stands as a testament to its emerging potential.

The Ripple verdict seemed to have breathed fresh air into other altcoins as well. Stellar (XLM), Solana (SOL), and Polygon (MATIC) witnessed their AUM swell by 40%, 39%, and 20% respectively. The altcoin index also enjoyed a 3.2% rise, touching $1.08 billion from its initial $1.04 billion at July’s dawn.

Fineqia’s Expert Eye: Beyond The Ripple Effect

Fineqia, the digital asset and fintech powerhouse, wasn’t just content observing Ripple’s rise. Their in-depth research provided insights into the overall ETP ecosystem, encompassing other cryptocurrencies like Bitcoin and Ethereum, whose prices and AUMs saw minor fluctuations in July.

They diligently tracked 157 ETPs, incorporating factors like launches or closures, ensuring their data was as precise as a surgeon’s scalpel. And the sources? Esteemed names in the industry like 21Shares AG, Grayscale Investment LLC, and MorningStars, Inc., to name a few.