Bitwise Chief Investment Officer Matt Hougan explained why financial advisors are actively purchasing Ripple's token (XRP). The main reason for this is not the asset's price, but its reliability and practical application. Hougan noted that XRP has a solid track record and history, which instills confidence in investors. According to Hougan, many financial advisors are questioning the reality of crypto assets and their future prospects. "XRP has a huge track record and extensive experience that gives people confidence in its future," – he stated. Additionally, the practical application of XRP also attracts investors, as advisors monitor stablecoins and the liquidity space.
In the third quarter, the net asset value of the XRP ETF increased by 80%, reaching a record $1.77 billion as of September 25. Over the past week, XRP ETFs attracted about $76 million, extending the weekly inflow streak to 11 consecutive weeks. The leader in total inflows – Bitwise fund with $677 million, followed by Franklin with $501 million, while the 21Shares ETF saw a decrease of $21.15 million. Amid these ETF developments, data shows that the total asset volume in XRP is $1.79 billion, with total net assets amounting to $1.68 billion. Bitwise also filed an updated prospectus for its XRP fund on September 28, which charges a 0.34% fee and holds its tokens with Coinbase Custody.
At the time of writing, XRP was trading at around $1.50, up 2% over the past 24 hours and nearly 8% over the past month. However, the asset's price is still 47% below its level a year ago and 59% down from its all-time high of $3.65. XRP is on track for its third consecutive month of gains, rising about 30% in August and a more modest 2.10% in July. The last time XRP showed a longer monthly growth streak was in 2023, when the asset demonstrated consistent increases from September to December, which was interrupted by an 18% drop in January 2024.
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