Institutionals' interest in XRP is growing, despite the SEC's intention to appeal the court's decision
Date: 2023-08-13 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
On August 9, the US Securities and Exchange Commission (SEC) announced its intention to appeal the decision of Judge Torres in the Ripple (XRP) case.
The SEC hopes to prove that the sale of the project’s native token on crypto exchanges still violates federal securities laws. However, the possible legal problems of Ripple did not affect the interest of large players in XRP.
XRP-Based Exchange Products Show Impressive Growth
The decision by the US Securities and Exchange Commission to file an appeal coincided with a notable rally in several XRP-related exchange-traded products (ETPs).
According to Fineqia International, the growth of investment products based on XRP since the beginning of 2023 amounted to 57%. The value of assets under management associated with the token currently exceeds $76 million, which indicates the growing interest of institutional investors in Ripple.
However, some industry experts remain concerned that a successful SEC appeal could undo the gains made over the past month by XRP and cause a significant collapse in its price. Thus, the judicial saga is far from over.
What happens to the price of the native Ripple token
Since hitting a yearly high of $0.81 on July 13, Ripple’s price has dipped noticeably — at the time of writing, the asset is trading at around $0.629.
However, the continued interest of institutional investors and the enthusiasm of ordinary market participants may give XRP a new impetus, even despite the ongoing attacks by the SEC.
