Investors in the US Show Renewed Interest in XRP Token
If you’ve been keeping an eye on the US SEC lawsuit involving the XRP token, you may be interested to know that investors in the United States have recently shown a renewed interest in purchasing this particular cryptocurrency. On chain data reveals that buying of the XRP token has been higher on Coinbase throughout August 2023.
XRP Buying Pressure
Data from Kaiko, a leading provider of cryptocurrency market data, indicates that there has been a rise in sell volume ratio on the world’s top cryptocurrency exchange, Binance. At the same time, Coinbase has experienced a rise in buying pressure for XRP. What’s more, the average trade size for XRP buyers on Coinbase has increased significantly compared to other top 10 altcoins.
Interestingly, this reversal in buying pressure in the US comes after the July 2023 Summary Judgment in the SEC lawsuit. This judgment deemed that the programmatic sale of XRP tokens to retail buyers was not considered securities, leading to a loss of gains in XRP price but re-engagement with US-based clients for Ripple, the company behind XRP.
Hot Take: XRP Regains Favor with US Investors Amidst SEC Lawsuit
The recent increase in buying pressure and renewed interest in XRP among US investors is a noteworthy change in trading patterns. It seems that the SEC lawsuit judgment has had a positive impact on the perception of XRP as a cryptocurrency investment. While the XRP price may have experienced some setbacks, the re-engagement with US-based clients for Ripple indicates a potential recovery and renewed trust in the token. It will be interesting to see how this situation unfolds and whether it leads to further growth and adoption of XRP in the US market.
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