Institutional buying of XRP surged 266%, reflecting growing investor confidence and the possibility of a future bull market. Ripple’s legal battle with the SEC continues to impact market sentiment, but the court’s favorable ruling has increased optimism for XRP’s growth.
Amid the legal battle between Ripple and the SEC, XRP has seen a staggering 266% spike in institutional purchases. Last week’s investment amount increased to $1.1 million, a significant increase from $300,000 the previous week. This positive move is especially significant after XRP recently hinted at a potential rally after six years of stagnation, which we discussed in a previous CNF post.
At the moment, this upward trend indicates growing confidence in XRP’s potential, especially in light of Ripple’s recent favorable court ruling. As investor optimism grew, XRP’s price rose 1% to around $0.54, and trading volume surged 45%, highlighting increased market activity.
Ripple vs. SEC: Legal proceedings drive market sentiment
We reiterated another CNF update on Gensler’s final day appellate tactics and also discussed “What is the SEC’s plan?” Ripple’s ongoing legal battle with the SEC is causing both concern and optimism. The SEC’s decision to challenge an earlier ruling that reduced Ripple’s fine from about $2 billion to $125 million has drawn criticism as the company prepares to appeal in the Second Circuit.
Ripple CEO Brad Garlinghouse has argued that the SEC’s actions reflect regulatory overreach. Legal experts have pointed to inconsistencies, particularly in how the SEC approaches XRP compared to Ethereum, increasing debate over the fairness of the current regulatory framework.
Is an XRP bull run on the horizon?
Despite market challenges, XRP maintains a stable trading range fluctuating between $0.50 and $0.64. Historically, XRP has shown significant price appreciation potential, including a 41,000% surge after the Bitcoin halving in 2016 and a 1,000% rally during the ongoing SEC litigation.
Ripple (XRP) is trading at $0.5486, up 3.52% over the past day and 3.15% over the past week, according to today’s data from CoinMarketCap. See the XRP price chart below.
With about 66 days left until a potential change in the market, some analysts are predicting a significant bull run for XRP. However, Ripple’s continued legal battles and regulatory scrutiny could still impact the company’s long-term trajectory.
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