Forecast: XRP Price Rise as Institutional Investors Bet Big Despite SEC Lawsuit
XRP has risen 1% in 24 hours to $0.5444 as the cryptocurrency market rises today.
After a rough week, the market recovered yesterday, with XRP up 3.5% in the previous week but down 7% in the last 30 days.
In the previous week, cryptocurrency funds acquired $1.1 million in XRP, according to CoinShares' latest Digital Asset Fund Flows report.
This is a 266% gain over the previous week and the largest level in over a month, signaling bigger investors are taking advantage of XRP's discount.
Yesterday, CoinShares' James Butterfill remarked that a recent polling move toward the Republicans may have boosted cryptocurrency interest.
This has impacted the market, but XRP's position is more susceptible to the present administration due to Ripple's legal difficulties, resulting in a significant change in net accumulation this week.
It's intriguing that XRP had net inflows while institutions sold $10 million in Ethereum.
The most popular crypto this week is XRP (behind Bitcoin), suggesting whales are taking advantage of its undervalued position.
It may also change views of Ripple's relationship with the SEC, which challenged a major aspect of Judge Analisa Torres' July 2023 judgment two weeks ago.
This appeal hurt the XRP price, but legal experts are optimistic and Ripple cross-appealed last week, so the atmosphere has changed.
Today, XRP's chart shows the alt falling slightly in the last hour following a solid 24 hours.
The fact that XRP's 30-period moving average (orange) crossed above the 200-period average (blue) yesterday suggests a few days of good increases.
XRP's volume rises to $1.2 billion, indicating considerable demand.
Next month, XRP might hit $0.6 before completing the year at $0.8.
