Cryptocurrency investment products linked to the native token of the XRP Ledger have seen a remarkable upswing in institutional interest, with data showing that products offering exposure to $XRP have seen their assets under management surge to an estimated $76 million.<\/p>\n
This demonstrates a soaring institutional enthusiasm for the token, particularly evident in the robust 57% year-to-date increase in XRP-focused exchange-traded products (ETPs), according to recent data from Fineqia International.<\/p>\n
This surge comes amidst a backdrop of ongoing legal intricacies, with a recent ruling from Judge Analisa Torres in the case the U.S. Securities and Exchange Commission (SEC) brought against XRP differentiating between sales to institutional investors and on exchanges, noting the token itself isn\u2019t necessarily a security.<\/p>\n
Earlier this week, the SEC revealed its intent to file an \u201cinterlocutory appeal\u201d against Judge Analisa Torres\u2019 recent ruling on Ripple\u2019s programmatic XRP sales. The SEC is particularly keen to clarify the court\u2019s interpretation of whether certain sales and offers of XRP by Ripple, especially over cryptocurrency trading platforms and in exchange for services, fell within the parameters defined by the Howey test, a standard for defining securities.<\/p>\n
The SEC noted Ripple now has to respond by August 16, and if the appeal proceeds the regulator plans to present its opening brief by August 18, to which Ripple would have two weeks to respond.<\/p>\n
Notably, blockchain data shows that the XRP Ledger has been seeing over 1.2 million transactions per day since the beginning of August, surpassing the number of daily transactions seen on the second most popular network in the cryptocurrency space, Ethereum ($ETH), which has recorded 1.09 million a day.<\/p>\n
\u00a0As CryptoGlobe reported, XRP has seen its\u00a0market capitalization drop by nearly $10 billion\u00a0from its peak this year.<\/p>\n