Since it began its rally a few days ago, Ripple's token seems to have bounced back aggressively and is among this month's top Altcoin gainers.
This week, institutional investors gathered around XRP, nearly doubling the assets under management, or AUM, of XRP investment goods.
Major Signals
- This week an estimated $33 million flowed into XRP items.
- Its AUM currently stands at over $80 million.
- Hooks, an upgrade to XRP Ledgers, will bring it some interesting new features.
Roughly $33 million flowed into XRP items, bringing the sector's AUM to $83 million, according to CoinShares' weekly digital asset fund flows survey.
The week was the most bullish for institutional crypto products since early March, according to the survey, with $233 million pumped into institutional funds.
According to the report, the week was the most bullish for institutional crypto products since early March, with $233 million poured into institutional funds.
In total, $65 million was invested in Ethereum products, $3 million in Binance Coin funds, $4 million in Bitcoin Cash, and $5 million in Polkadot.
XRP upgrading its ledger system
The beta edition of the testnet for the Hooks Modification has been launched. Hooks, which was specifically created for the XRP Ledger, has been long awaited by the XRP community.
Hooks will allow smart contract features on the XRP Ledger's layer one once it is correctly deployed. As a result, the modification would become a critical part of the XRPL, enabling it to compile little information items.
The XRP Ledger will be able to extend its purposes and it's abilities due to the increase in space. The platform may have specialized or basic purposes in accessory to increased transaction, cost-effectiveness, and early settlements.
XRP Labs introduced four cases in which Hooks may have a significant effect on XRPL users. First, a user may use custom logic to send XRP to a different user. As a result, the Hook will accept a fee and transfer a portion of the transaction to a different account.
Another use case will be for companies or financial institutions to configure the Hook with a feature that refuses or allows transactions based on whether the senders meet those criteria, such as setting up an account.
In contrast, if the destination account appears on a List given by an on-ledger oracle, an outgoing transaction may be rejected by the user's Hook account.
Finally, a financial institution may use a Hooks account to send money to Secure Storage. The institution may also set up the Hook's account such that sending money requires two signatures. As a result, the modification could broaden the scope of XRPL's applications and raise XRP demand.
Conclusion
In the last week, XRP has seen a significant rally. XRP is currently trading at $1.35, with the regular chart showing downward movement. The tokens have adopted the market's general trend, but the 30-day chart still shows a profit of 155.5 percent.
Question of the day
How Bullish do you think this news is for XRP? Let us know in the comments.
