XRP News: Institutions Turn Bullish on Ripple (XRP) Amid Lawsuit Conclusion Optimism

Key Insights:

• In the latest XRP News, CoinShares’ report revealed renewed institutional interest in XRP.
• Institutional demand for XRP recovered after three weeks on hopes of the Ripple vs SEC lawsuit conclusion and an ensuing recovery in prices.
• June 16 marks a key deadline for the parties to file a status update report in the 2nd Circuit and confer on settlement.

XRP News: Ripple’s coin is likely to rally as bullish sentiment rises among institutional investors, according to the latest CoinShares report on Monday. The likely end of the long-running Ripple vs SEC lawsuit in the coming weeks may have led institutions to accumulate XRP massively.

Analysts turned bullish on XRP price amid the latest recovery across the crypto market amid talks to resolve the Israel-Iran conflict.

XRP News: Bitcoin, Ethereum, and XRP Record Huge Inflow

Crypto asset investment products saw $1.9 billion in inflows last week, reported by CoinShares on June 16. It was the 9th consecutive week of inflows, extending the year-to-date (YTD) inflow to $13.2 billion.

Bitcoin investment funds recovered after recording sell-offs for two consecutive weeks despite the Israel-Iran conflict, with $1.3 billion in inflows. Short-bitcoin products also recorded modest inflows of $3.7 million, indicating interest in wider investment products.

Ethereum maintained its positive momentum with $583 million in inflows, the largest since February. It also included the strongest single-day inflow for ETH.

Institutional demand for XRP recovered after three weeks. It recorded $11.8 million in buying amid positive sentiment related to the Ripple vs SEC lawsuit ending and an ensuing recovery in prices.

As per the report, institutional investors were largely bullish in the United States. Spot Bitcoin and Ethereum ETFs, along with other funds, saw a net inflow of $1.9 billion.

Meanwhile, Switzerland, Germany, and Canada saw inflows of $20.7 million, $39.2 million, and $12.1 million, respectively. In contrast, Hong Kong and Brazil experienced outflows of US$56.8m and US$8.5m, respectively.

XRP Price Shows Signs of Recovery Amid Lawsuit End Optimism

XRP price jumped more than 3% in the past 24 hours, with the price trading at $2.21. The 24-hour low and high are $2.14 and $2.24, respectively.

Furthermore, the trading volume has increased by 22% in the last 24 hours, indicating a rise in interest among traders. Traders need to monitor trading volume as a sudden rise today could trigger a major rally towards $3.

Analysts such as Dark Defender suggest investors to get ready for the next leg up in XRP price. The $2.33 level continued as a key level to watch to pivot toward a rally to $3.

As per CoinGlass data, derivatives traders were buying actively over the last 24 hours. The total XRP futures open interest jumped 2.30% in the past 4 hours and 5.40% in the last 24 hours to $4.07 billion.

The decision to end the lawsuit is in Judge Analisa Torres’ hands after the US SEC and Ripple requested an indicative ruling again. The parties have decided to settle the lawsuit, lifting the injunction and reducing the penalties to $50 million.

However, lawyers expressed concerns that the argument submitted by Ripple and the US SEC to Judge Torres to modify the final judgment was weak.

Notably, the parties mentioned the settlement, the SEC’s shift in crypto policy, and a desire to avoid further litigation as exceptional circumstances enough to change Judge Torres’ final judgment.

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