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    Home » Crypto News » XRP Institutional Interest Skyrockets Despite SEC’s Intention to Appeal Judge’s Decision in Ripple Case

    XRP Institutional Interest Skyrockets Despite SEC’s Intention to Appeal Judge’s Decision in Ripple Case

    Author: George Georgiev

    Last Updated Aug 10, 2023 @ 06:46

    The US SEC has signalled its intention to appeal Judge Torres’ decision in the case against Ripple, but there’s more to it.

    The U.S Securities and Exchange Commission (SEC) has filed an interlocutory brief signaling its intention to overturn the ruling on XRP not being a security.

    In an August 9 court filing addressed to Judge Analisa Torres, who ruled on Ripple’s “programmatic” sales of its XRP token, the SEC stated that it will be appealing part of the judge’s decision.

    On July 14, Judge Torres found that XRP bought by retail investors on exchanges did not qualify as securities because they followed a blind bid process. However, she ruled that direct XRP sales to institutional investors made the same tokens securities.

    In its brief, the regulator cited a recent case against Terraform Labs and its founder, Do Kwon, where the presiding judge dismissed Judge Torres’s reasoning in the XRP case.

    XRP Exchange-Traded Products Grow 57%

    The SEC’s decision to appeal comes when several XRP-related exchange-traded products (ETPs) are witnessing a resurgence in the market following Ripple’s partial victory.

    According to data from Fineqia International, a prominent mover in the crypto investment space, XRP-linked ETPs have seen upswings as high as 57% year-to-date. Fineqia’s numbers indicate that the XRP-related assets under management are currently valued upwards of $76 million, signaling growing institutional interest in the token.

    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 @FineqiaPlatform.
    Press Release 👇Aug 8, #XRP increased by 57%, to $76.8 million from $49 million.

    If you have a chance, catch… pic.twitter.com/xb6X0RiSKD

    — 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 9, 2023

    However, there remains fear among certain market watchers of a successful SEC appeal, undoing the gains achieved by XRP over the past month and possibly causing a significant price crash.

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    Tags: Ripple Ripple (XRP) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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