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- Institutional interest in XRP surged 266%, driven by Ripple’s legal progress.
- XRP investments rose from $0.3M to $1.1M, showing growing confidence.
- Ripple’s legal victories and bullish technicals support optimism for XRP’s future growth.
Institutional interest in Ripple (XRP) has surged dramatically, with purchases skyrocketing by 266%. Last week, investments in XRP jumped from $0.3 million to $1.1 million. This sharp rise reflects growing confidence in XRP, fueled by Ripple’s ongoing legal fight with the SEC.
Favorable court rulings have sparked optimism, leading to a price increase of 1%. Currently, XRP trades at $0.54, with trading volume seeing a 45% boost.
🚀💥 #XRP sees a massive 266% spike in institutional buying despite the SEC battle! Last week’s buying frenzy hit $1.1M, fueled by Ripple's recent court wins. Is this the catalyst for a major bull run? 📈💰 #CryptoCommunity #XRPCommunity #Crypto #Blockchain #RippleVsSEC… pic.twitter.com/0YJusseERX
— Collin Brown (@CollinBrownXRP) October 15, 2024
Ripple’s Court Wins Fuel Optimism
Ripple’s battle with the SEC continues to impact XRP’s market movements. A recent court decision reduced Ripple’s fine from $2 billion to $125 million.
This has led to criticism from the crypto community and Ripple’s CEO, Brad Garlinghouse, who called the SEC’s actions overreach. The inconsistency in how XRP has been treated compared to Ethereum has also raised eyebrows.
Many believe this uncertainty is affecting the broader cryptocurrency market. The upcoming court ruling could shift the market even further and may drive XRP’s value higher.
XRP’s Technical Outlook
Technically, XRP shows signs of a continued uptrend. The token recently broke out of a symmetrical triangle pattern. This technical signal points to more potential gains ahead.
The immediate resistance level sits at $0.5548, with further resistance at $0.5610 and $0.5675. On the downside, XRP has support around $0.5445, providing a cushion for traders.
Although XRP’s uptrend appears strong, caution is still necessary. The RSI currently sits at 61.31, suggesting the token could be overbought. A short-term pullback may occur before further gains happen. Investors should watch key resistance and support levels closely to avoid being caught off guard.
The 266% surge in institutional interest shows faith in XRP’s future. Ripple’s legal wins and bullish technical signals offer hope for more growth. However, the market remains unpredictable, and investors must stay alert to any sudden changes.