Mutual funds based on Stellar, Ripple, and Solana saw AUM gains in July. The big gains began after Ripple’s mid-month partial court victory over the SEC.
Smart money flows to Ripple, Stellar and Solana
Assets under management (AUM) for Stellar’s XLM, Ripple’s XRP and Solana’s SOL-linked mutual funds rose in July, according to a report by CCData.
Most of the AUM increase came on July 14, a day after a US judge ruled that the sale of XRP tokens on exchanges does not constitute investment contracts. The decision led to sharp price spikes in the crypto industry. In particular, XRP as well as other altcoins such as XLM and SOL have benefited from this.
AUM for XLM-based products rose 62.7% to $17.3 million. Among those funds, CCData said the premium to net asset value of Grayscale’s Stellar Lumens Trust (XLM) rose to 330%. According to the report, Ripple-based products posted a 33.2% increase in AUM in July. Thus, it reached $65.7 million. SOL-based products rose 55.7% to $87.8 million in AUM. CCData research analyst Hosam Mahmoud commented:
The sentiment surrounding XLM has been positive over the past month, supported by the progress of its partnership with USDC’s Circle and strategic collaborations with organizations like MoneyGram.
XRP’s star journey
Market data provider Kaiko has announced that XRP has become the most traded altcoin of 2023, with a cumulative volume of over $150 billion on centralized exchanges. He shared this success via a recent tweet. Thus, Kaiko underlined the dominant position of XRP in the altcoin market.
XRP’s trading volume is over $150 billion and is heading towards $175 billion. With this move, it follows an upward trend. With this impressive performance, XRP has eclipsed other altcoins by a margin of over $50 billion. Specifically, the next Solana (SOL) has a cumulative trade volume of $100 billion.
The resurgence of interest in Ripple (XRP) came after the US court decision two weeks ago. cryptocoin.com As you follow, this decision has brought XRP into the limelight. Thus, its price has steadily appreciated. In fact, Reuters recently described XRP as the driving force behind the altcoin market.
In another development, crypto influencer Ben Armstrong, also known as Bitboy, expressed his unwavering optimism for XRP. He highlighted the re-listing of XRP on various exchanges as a testament to the community’s resilience and lack of fear in the face of legal action. This reinstatement strengthened Bitboy’s bull stance. It also resonated with many XRP supporters who envisioned a bright future for the token.
