XRP (XRP/USD) is trading at $2.144

XRP (XRP/USD) is trading at $2.144 on Friday, down 2.99% over the last 24 hours, following a volatile stretch that saw the broader crypto market under heavy selling pressure.

Cryptocurrency prices typically move in tandem, especially during periods of heightened volatility. However, despite the broader crypto market being largely subject to selling pressure on Friday, one major coin appears to be diverging from the broader trends, at least in the short term.

After a volatile stretch that saw the broader crypto market come under heavy selling pressure, and several major coins, including Bitcoin, slip to monthly lows, the tide appears to be turning somewhat.

While the latest pullback brought XRP down from its local highs, it comes after a 20% rally over the past week, as buyers stepped in during a broader market crash that briefly sent the coin to a monthly low of $1.64. The rebound erased fears that XRP might dip below the $1 mark, a possibility now firmly off the table amid stabilizing sentiment.

But even as broader investor trends suggest a shifting appetite away from crypto, one coin continues to buck the broader patterns.

New data from digital assets investment firm CoinShares showed that XRP saw an inflow of $3.4 million over the past week, leading all non-Bitcoin digital assets. It came during a period where crypto investment products saw a total outflows of $795 million.

Of the outflows, Bitcoin was the main driver, with the world’s largest cryptocurrency posting outflows of $751 million. Meanwhile, Ethereum saw outflows of $37.6 million.

The move suggests that investor confidence in XRP is rising, even as others scale back risk amid broader economic uncertainty.

“Despite broad outflows of $795 million, digital asset investment products saw a return to positive territory last week with an overall product inflow of $1.5 million,” CoinShares said in its weekly report.

“This follows outflows of $2.4 billion in the first quarter of 2024, the largest quarterly outflow since the first quarter of 2023.”

The contrarian inflow into XRP comes ahead of a crucial stage in the coin’s long-standing legal battle with the U.S. Securities and Exchange Commission.

Ripple Labs and the SEC filed a joint request last week to stay their appeals and pursue a negotiated resolution to the case.

The two sides have reached an agreement in principle, which is now subject to approval by the Commission. If finalized, the deal could mark the official end of a legal standoff that has defined XRP’s identity in U.S. markets since 2020.

“The parties require additional time to obtain Commission approval of this agreement-in-principle and to apply for and obtain an indicative ruling from the court on the unavailability of a negotiated agreement,” the filing said.

Both parties will seek an indicative ruling from the court once approved, it added.

The latest move follows the SEC’s decision to withdraw its appeal of a previous ruling that XRP’s programmatic sales did not constitute securities offerings—a key moment that helped shift the regulatory outlook on digital assets in favor of cryptocurrencies.

Meanwhile, speculation continues to grow around the potential approval of an XRP-based exchange-traded fund (ETF), with some market observers tipping BlackRock and Fidelity as potential issuers.