The month of July was important to the cryptocurrency market, with considerable increases in the assets under management (AUM) of different investment products. The top performers over the past month were XRP, SOL, and XLM, whose products saw notable waves.
The widely anticipated decision in the Ripple vs. SEC lawsuit on July 13 served as the driving force behind the increase in XRP’s AUM. Investors and XRP aficionados gained renewed confidence after the SEC lawsuit’s positive outcome shocked the entire cryptocurrency world. As a result, the AUM of XRP-based investment products increased by an astonishing 33.2% to $65.7 million. This information may be found in the most recent Digital Asset Management Review from market data source CCData.
The effect that regulatory certainty can have on investments in digital assets is best illustrated by this increase. Other digital assets were also affected by the strong attitude surrounding XRP. AUM for investment products from Solana (SOL) and Stellar (XLM) grew significantly at the same time. SOL-based products experienced an incredible 55.7% growth, reaching an AUM of $87.8 million. The excellent 62.7% increase in XLM-based products brought their AUM to $17.3 million. These impressive gains show that interest in investment products based on cryptocurrencies is rising.
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Other Major Cryptocurrencies Trend in July
While XRP, SOL, and XLM garnered the most attention because to their strong AUM rise in July, other key cryptocurrencies also showed optimistic developments. The market capitalization of Bitcoin (BTC), the first digital asset, increased by a negligible but notable 0.5%, reaching $24 billion. This consistent growth highlights Bitcoin’s persistent allure as a store of value and its toughness in the face of market swings.
Likewise, Ethereum-based products also experienced good changes, with an increase in AUM of 4.25% to $7.42 billion. Investors seeking access to the thriving realm of decentralized applications continue to be drawn to Ethereum’s (ETH) versatility and role in powering the DeFi ecosystem.
According to recent developments, investor activity in the top crypto assets differs noticeably. Notably, ETH had weekly inflows of $6 million while BTC experienced weekly withdrawals totaling $13 million. Also, according to information from Coinshares, XRP also received inflows of $2.6 million. The fact that some investors are choosing to sell their Bitcoin holdings while others are reviving their interest in Ethereum and XRP implies a change in investor preferences.
An increasing positive attitude toward these cryptocurrencies is indicated by the money flow into investment products for XRP and Ethereum. Recent changes in the regulatory environment and particular news about these projects may have an impact on the inflows. The current XRP price is $0.715482, and the 24-hour trading volume is $1,612,668,043. In the last 24 hours, XRP has gained 1.49%. CoinMarketCap now ranks #4, with a live market cap of $37,680,798,679.
XRP is up 1.49% in the last 24 hours. Source: CoinMarketCap
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