XRP Price Forecast: Rallies Expected as Institutional Investors Bet Big Despite Ongoing SEC Lawsuit
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The XRP price has lifted by 1% in the past 24 hours, moving to $0.5444 as the cryptocurrency market enjoys a similar rise today.
The market rallied strongly yesterday after a difficult time last week, with XRP now up by 3.5% in the past week, although it remains down by 7% in the last 30 days.
But the past week has brought a noticeable uptick in institutional accumulation of XRP, with CoinShares’ latest Digital Asset Fund Flows report showing that cryptocurrency funds bought a net total of $1.1 million in XRP.
This marks a 266% increase over the previous week, and is also the highest level for over a month, suggesting that larger investors are taking advantage of XRP’s discounted price.
Reporting yesterday, CoinShares’ James Butterfill noted that a polling shift in recent days towards the Republicans has likely fuelled greater enthusiasm for cryptocurrencies.
This has fed into the market as a whole, yet because XRP’s position is arguably more sensitive to the current administration (because of Ripple’s ongoing legal issues) it has resulted in a marked shift in net accumulation this past week.
Indeed, what’s interesting is that XRP has witnessed net inflows at a time when institutions divested themselves of around $10 million in Ethereum (ETH).
XRP is actually the most popular crypto this week (after Bitcoin, obviously), and again this suggests that whales are taking advantage of the coin’s undervalued position.
It also marks a likely shift in perceptions of Ripple’s situation with the SEC, which a couple of weeks ago appealed
Read more on cryptonews.com
