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- Institutional investors are bullish on XRP as related Assets Under Management are reportedly valued from $76 million.
- An analyst has predicted that XRP could record a 1,230 percent surge to hit $8.5 in just a few months.
Ripple Labs recently grabbed victory against the US Securities and Exchange Commission in a lawsuit that alleged that the blockchain company had sold unregistered securities. According to the Judge who presided over the case, Judge Analisa Torres, the purchase of XRP by retail investors on various exchanges does not in any way constitute a security.
However, the direct sales of the tokens to institutional investors make it secure. The judgment triggered an incredible surge in XRP’s value from $0.4 to $0.9 within a short time. However, the decision of the SEC to appeal the ruling as well as other market factors took a toll on the price, forcing it to make a U-turn on the price curve.
Data from Fineqia International discloses that institutional investors have no problem with the news of appeal as XRP-related exchange-traded products (ETP) surged by 57 percent from the year to date. This means that the XRP-related Assets Under Management are currently valued at $76 million. This indicates a rising institutional interest.
Institutional Interest in #XRP. The ruling in the SEC v. Ripple Labs in favor of Ripple (XRP) led to an increase in Assets Under Management (ETPs) for Fineqia Platform. Press Release 👇Aug 8, #XRP increased by 57%, to $76.8 million from $49 million.
XRP currently has a bearish market sentiment and is trading at $0.630044. Most of its gains after the court ruling have been rubbed off as investors fear a successful SEC appeal.
Crypto Analyst’s Prediction on XRP
Regardless, a top pundit and crypto analyst identified as CRYPTOWZRD, has predicted that the asset may hit $8.5. On June 30, when XRP was trading at $0.47, CRYPTOWZRD made a bullish analysis of the asset. In his recent post, he encourages the XRP investors to remain confident and know that they have a Treasury map.
According to reports, the Treasury map has to do with the weekly chart of the asset. It refers to the historical price movement dating back to 2013. From the market data, XRP surged by 953 percent from $0.00583 in October 2023 to $0.06144 in December 2013.
After this rally, the asset recorded a considerable pullback in the subsequent six months to trade at $0.00281 in July 2014. Interestingly, it recorded a rebound to hit $0.02803 in December 2014. This was followed by what CRYPTOWZRD refers to as “a healthy bullish correction”. Prior to the correction, there was a series of ups and downs.
The series of A, B, and C patterns ended at a low of $0.00404 in November 2015. XRP consolidated for more than a year after the low, then staged a bull run of 1,568 percent to hit its all-time high price of $3.3 in January 2018.
The analyst has observed that the asset is repeating the same pattern. From July 2021 to June 2022, the A, B, and C pattern was recorded. From June 2022 to this year, the consolidation period was observed. This means the asset is prepared to stage another bull run to record a new all-time high in the next few months. This time around, XRP could hit $8.5 according to the analyst. Percentage-wise, the current value would increase by 1,230 percent to hit the predicted price point.
