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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 14, 2024 13:33 UTC
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Ripple News: Institutional Buying Spikes by 266% – XRP Bull Run Incoming?
Institutional investors are significantly increasing their XRP holdings, despite the ongoing legal battle with the SEC.
Ripple's legal victories have fueled optimism among investors, leading to a significant increase in XRP's trading volume and price.
The SEC's decision to challenge Judge Torres' ruling has drawn criticism from the crypto community.
Despite the ongoing Ripple vs SEC case and market uncertainty, XRP is witnessing a remarkable 266% surge in buying from institutional investors. Last week, institutional purchases jumped to $1.1 million, up significantly from just $0.3 million the previous week. This substantial increase reflects growing confidence in XRP’s potential, especially following Ripple’s favorable outcomes in recent court rulings.
Is this the turning point for XRP?
As the XRP price climbs over 1% to approximately $0.54, market enthusiasm is palpable. The 24-hour trading volume has surged by 45%, demonstrating heightened interest from traders amid the ongoing legal developments. With Ripple’s legal victories bolstering optimism, investors appear poised for a significant rally in XRP’s price.
Ripple vs SEC: How Is It Impacting the Market?
The buying frenzy comes as Ripple prepares for appeals in the Second Circuit Court. The SEC recently decided to challenge Judge Torres’ ruling, which set a $125 million fine instead of the nearly $2 billion initially sought. This move has faced criticism from the crypto community, with Ripple CEO Brad Garlinghouse arguing that the cross-appeal aims to push back against the SEC’s regulatory overreach and advocate for clearer regulations.
Former SEC lawyers suggest the agency’s appeal could target secondary sales of XRP, raising concerns about inconsistent regulatory standards. This issue is even more controversial when compared to Ethereum, which was not targeted by the SEC regarding futures contracts. Legal experts have questioned the rationale behind the SEC’s enforcement actions, pointing out inconsistencies in how different cryptocurrencies are handled.
XRP Price Analysis
Amid a generally bearish market, XRP has shown resilience, staying within a narrow range between key support levels of $0.50 and $0.64. While technical indicators suggest possible volatility, a complete price collapse appears unlikely in the near term. XRP’s history shows two major price spikes: a 41,000% surge after the 2016 Bitcoin halving and a 1,000% rise during the ongoing SEC lawsuit, demonstrating the asset’s mixed performance.
A Countdown to the Bull Run
Past trends show that XRP often rallies about 241 days after a Bitcoin halving. With 175 days passed since the 2024 Bitcoin halving, a potential bull market could begin in roughly 66 days, aligning with the fifth anniversary of the SEC vs. Ripple case. If Ripple can clear its legal obstacles and form strategic partnerships, XRP could see a significant price recovery.
However, ongoing regulatory issues may still affect its long-term growth.
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