{"id":180910,"date":"2023-09-05T07:39:29","date_gmt":"2023-09-05T07:39:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180910"},"modified":"2023-09-05T07:39:29","modified_gmt":"2023-09-05T07:39:29","slug":"xrp-price-on-chain-momentum-coinshares-report-sheds-light-on-investor-sentiment-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/xrp-price-on-chain-momentum-coinshares-report-sheds-light-on-investor-sentiment-coinpedia-fintech-news\/","title":{"rendered":"XRP Price On-Chain Momentum: CoinShares Report Sheds Light on Investor Sentiment – Coinpedia Fintech News"},"content":{"rendered":"
In the first week of September, Ripple (XRP) saw a high volume of trade on major US exchanges, expecting a price trend reversal. Backing this on-chain has also speculated that this heightened trade may boost XRP\u2019s spot values in the coming weeks. XRP jumped in July $0.8 due to a favorable court ruling, but it dropped by 25% in August now it is at $0.52 because many people were selling it on offshore exchanges. Even XRP\u2019s Open Interest was also down, which is now 8% higher. <\/p>\n
Surprisingly, On-Chain data reveals, that more XRP adoption has started in the US, especially on Coinbase, a popular exchange, in August 2023. XRP has been traded a lot compared to other cryptocurrencies. In the past month, the average trade volume for XRP was $462 million, which is much higher than similar cryptocurrencies like SOL and BNB, with $128 million and $121 million, respectively. However, this increased trading hasn\u2019t led to higher prices. <\/p>\n
However, data from Kaiko suggest that Binance did the maximum selling while buying increased on Coinbase. XRP has surpassed the top 10 crypto assets in terms of buying in US exchanges. This change in buying behavior happened after a significant court ruling in July 2023, which said that XRP sales to regular buyers were not securities. The community\u2019s backing and John Deaton\u2019s claim that XRP is the next Bitcoin are the reasons.<\/p>\n
CoinShares has reported a sudden stop in inflows into XRP-focused investment products, following a streak of $2.7 million inflows over the past four weeks. Despite this halt, XRP remains the hot choice among crypto-oriented investment products, with cumulative inflows exceeding $13 million. Among traditional investors, only Bitcoin, Short Bitcoin, and Solana have surpassed XRP in popularity.<\/p>\n
In the latest update, Ripple has opposed the SEC\u2019s attempt to appeal a court decision in a filing with the United States District Court for the Southern District of New York. Ripple\u2019s lawyers say that the SEC is questioning how the court applied the Howey test, a legal test used to determine if something is a security. Regardless of the appeal\u2019s outcome, both Ripple and the SEC are ready to go to trial in the second quarter of 2024, as long as the current court decision remains in place.<\/p>\n
All eyes are on Ripple\u2019s Proper Party event in NYC on September 29th, where Ripple may announce an SEC settlement or IPO to restore investor faith. Increased mainstream adoptions will help the firm in either case. In the meanwhile, adding to XRP\u2019s challenges, the SEC has asked to pause its lawsuit against Ripple while they appeal the court\u2019s decision about XRP\u2019s status. Ripple disagrees with this request.\u00a0<\/p>\n