Institutional investors have shown a strong bullish sentiment towards XRP, as evidenced by the increasing value of Assets Under Management (AUM) related to the cryptocurrency. According to data from Fineqia International, XRP-related exchange-traded products (ETP) have experienced a 57 percent surge year-to-date, bringing the total value of XRP-related AUM to $76 million. This rise in institutional interest indicates a growing confidence in XRP among professional investors.
This positive sentiment comes after Ripple Labs, the company behind XRP, recently secured a legal victory against the US Securities and Exchange Commission (SEC). The lawsuit filed by the SEC accused Ripple of selling unregistered securities, but the judge presiding over the case ruled in favor of Ripple. Judge Analisa Torres stated that the purchase of XRP by retail investors on various exchanges does not qualify as a security. However, the direct sales of XRP to institutional investors do fall under the category of securities.
The initial ruling in favor of Ripple caused a significant surge in the price of XRP, with the value rising from $0.4 to $0.9 in a short period. However, the SEC’s decision to appeal the ruling, along with other market factors, led to a decline in the price of XRP. As a result, the cryptocurrency is currently trading at $0.630044, and many investors remain cautious due to the uncertainty surrounding the appeal.
Despite this cautious sentiment, one crypto analyst, known as CRYPTOWZRD, has made a bold prediction for XRP. CRYPTOWZRD suggests that XRP has the potential to reach $8.5, representing a 1,230 percent increase from the current price. The analyst’s prediction is based on historical price movements and charts, specifically a pattern observed in the asset’s price dating back to 2013.
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According to CRYPTOWZRD, XRP has followed a pattern of significant rallies followed by pullbacks and consolidations. These patterns have led to substantial increases in price, including an all-time high of $3.3 in January 2018. The analyst believes that XRP is currently in a consolidation phase and is poised to enter another bull run, potentially reaching a new all-time high.
The analyst’s prediction is backed by a “Treasury map,” referring to the historical price movement of XRP over time. By analyzing previous rallies and corrections, CRYPTOWZRD suggests that XRP is on track to replicate its past performance, potentially reaching $8.5 in the coming months.
It’s important to note that predictions in the cryptocurrency market are speculative and should be taken with caution. Market conditions and various external factors can influence the price of any cryptocurrency, including XRP. Investors should conduct their own research and seek professional advice before making any investment decisions.
In conclusion, institutional investors have shown a strong interest in XRP, as evidenced by the rising value of XRP-related AUM. Despite the SEC’s appeal of the recent legal ruling in favor of Ripple, institutional investors remain optimistic about the future of XRP. Additionally, a crypto analyst has made a bold prediction that XRP could reach $8.5 in the coming months, representing a significant increase from the current price. However, it’s important for investors to exercise caution and conduct their own research before making any investment decisions in the volatile cryptocurrency market.
