### Ripple Sees Surge in Institutional Interest Despite SEC Appeal
Ripple has reported a significant increase in institutional interest in its digital asset, XRP, during the third quarter of 2024. This surge comes despite the ongoing legal battle with the Securities and Exchange Commission (SEC). In its quarterly XRP Markets Report, Ripple highlighted the court's July ruling, which affirmed that XRP is not inherently a security. This decision has spurred a wave of institutional interest, with several major players filing for XRP-related exchange-traded funds (ETFs).
Prominent financial institutions like Bitwise, Canary, and 21Shares have filed applications for XRP ETFs, while Grayscale Investments launched an XRP Trust and is seeking to convert its Digital Large Cap Fund, which includes XRP, into an ETF. Ripple has expressed interest in investing in these and other exchange-traded products, further solidifying its commitment to the growth of the XRP ecosystem.
Despite the SEC's ongoing appeal of the court's ruling, Ripple emphasized that the appeal does not challenge the fundamental finding that XRP itself is not a security. Instead, it focuses on other aspects of the case related to historical distributions of the token. The legal proceedings are expected to continue into 2025.
### Ripple's Legal Victory and Growing Institutional Interest
Ripple's Q3 2024 report spotlights significant developments for the XRP token, including its legal victory against the SEC and growing institutional interest in XRP-based investment products. The court ruling that XRP is not a security sets the stage for increased regulatory clarity and broader adoption of XRP. The report also sheds light on the growing institutional interest in XRP-based investment products.
### XRP ETF Approval Date: Will It Boost Ripple's Market Price?
Pro-XRP lawyer Jeremy Hogan has provided valuable insights into the potential timeline for the approval of an XRP exchange-traded fund (ETF) by the SEC. Hogan noted that XRP ETF approvals typically take six to twelve months, hinting at a potential mid-2025 approval date if the SEC's current appeal progresses as expected. Bitwise Chief Investment Officer Matt Hougan expressed optimism regarding the XRP ETF filing, stating that the firm only submits applications when a viable path to approval exists.
### Future Outlook for XRP
The ongoing legal battle with the SEC and the potential approval of an XRP ETF are key factors that could significantly impact XRP's market price. Ripple's CEO, Brad Garlinghouse, stated that it's "inevitable" for XRP to be offered through an ETF, reinforcing the community's anticipation. While regulatory challenges persist, many believe that once the SEC's lawsuit is resolved, XRP's market potential could significantly expand