Institutional investors have significantly increased their investments in the digital asset XRP, with $1.1 million purchased last week, marking a 266% rise.
Rise in Institutional Investor Interest
According to a Coinshare report, interest in XRP among institutional investors has significantly risen over the past week, with a $1.1 million increase in purchases. This growth coincides with Ripple and the SEC's preparations for upcoming court appeals, indicating investors' anticipation of Ripple's continued legal success.
Ripple and SEC Legal Battles
Following a court ruling imposing a $125 million fine on Ripple, the SEC has filed an appeal. Ripple, in response, also filed a cross-appeal, aiming to challenge the SEC's regulatory strategy. Experts anticipate the SEC's appeal will focus on programmatic and secondary sales of XRP.
XRP Market Dynamics
At the time of writing, XRP is trading at $0.5503, showing a 4.29% increase over the past day. The asset's market cap has surged by 4.27% to $31.18 billion, with daily trading volume increasing by 64.24% to $979.73 million. Additionally, open interest in XRP futures has risen by more than 3%.
Institutional investors continue to strongly back XRP despite Ripple's legal challenges with the SEC, indicating confidence in Ripple's future success and positive market expectations.
