XRP has seen heavy buying by institutional investors as the U.S. Securities and Exchange Commission and Ripple agreed to continue their legal battle in the Second Circuit Court of Appeals. With Ripple’s recent SEC lawsuit winning in district court and prevailing in circuit court, investors appeared to be optimistic about a significant increase in XRP’s price going forward.
Institutional investors buy large amounts of XRP
According to an Oct. 14 report from CoinShares, XRP had $1.1 million in institutional purchases last week, compared to $300,000 the week before. Therefore, Ripple and the US recorded a 266% increase in purchasing activity compared to the previous week. The SEC prepared for an appeal in circuit court.
Net inflows into digital asset investment products reached $407 million in one week, with investors remaining bullish on the rise of an “updraft” coinciding with the upcoming US election. Investors ignored the rise in US CPI and PPI inflation and continued to buy on the bullshit.
XRP price has increased over 1% in the past 24 hours and is currently trading at $0.54. The 24-hour low and high prices are $0.525 and $0.540, respectively. Furthermore, trading volume has increased by 45% in the past 24 hours, indicating interest from traders.
Among the major XRP news, total XRP futures open interest has also increased by more than 3% in the past 24 hours. Futures OI was $1.39 billion, reaching $750.53 million.
Ripple v. SEC case transferred to Second Circuit Court
The US SEC appealed Judge Torres’ $125 million penalty decision during the relief phase, rather than the approximately $2 billion penalty sought by the agency. Filing of Form C and Form D with full details of the appeal is expected this week. The crypto community accused the SEC of appealing and extending the long-running case.
Meanwhile, Ripple has filed a notice of cross-appeal clarifying its intention to oppose the SEC’s frivolous appeal of Judge Torres’ decision. Ripple CEO Brad Garlinghouse said the cross-appeal would seal the SEC’s fate and finally end the agency’s enforcement regulatory agenda under Chairman Gary Gensler. He added that it would be sagging.
Former SEC attorneys such as Mark Fagel and James Farrell believe the SEC will challenge not only secondary sales but also programmatic sales. The US SEC has begun litigating and investigating crypto companies over secondary market sales, but Judge Torres did not address this in his landmark summary judgment last year.
Bitnomial also sued the US SEC over the agency’s assertion that XRP is a security, despite this being made clear in court. Additionally, attorney Bill Morgan questioned the SEC’s rationale for treating futures as securities futures contracts. He blamed inconsistencies in regulatory enforcement, especially when comparing similar cases of XRP and Ethereum (ETH). In Ethereum (ETH), the SEC previously did not object to futures contracts.
✓ Share:
Varinder Singh
Varinder has 10 years of experience in fintech, with over 5 years dedicated to blockchain, cryptocurrency and Web3 development. A technology enthusiast and analytical thinker, he has shared his knowledge about disruptive technologies in over 5,000 news, articles, and papers. Together with CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He currently covers all the latest information and developments in the cryptocurrency industry.
Disclaimer: The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
