$XRP Ripple's legal victory sparks institutional excitement
On August seventh, the Second Circuit Court of Appeals approved the joint termination of the appeal by the U.S. SEC and Ripple's counter-appeal in the protracted lawsuit over XRP. This concludes one of the most significant enforcement battles in the history of cryptocurrency.
Following this event, retail demand for XRP has been steadily increasing, and institutional interest is also growing. This is evident from the rise in open interest in XRP futures contracts on the Chicago Mercantile Exchange (CME). According to Glassnode, on August 12, this figure reached an annual high of 287,200 XRP, indicating increased participation from major market players.
The XRP futures market on CME attracts institutional investors seeking regulated access to the token. The increase in open interest shows that they are actively building their positions. This could enhance buying activity and support XRP's growth in the near future.
Since June 28, XRP has consistently shown positive funding rates, indicating that traders continue to pay a premium for holding long positions. At the time of writing, the rate is 0.0119%
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XRP Forecast: Possible rise to $3.66
Over the past day, XRP has risen by 3% and is trading at $3.22 at the time of this analysis. If demand continues to grow, the price will have a chance to reach $3.33. A breakthrough of this level will open the way to $3.66.
However, sellers may reduce the price of XRP to $2.99 if they gain the upper hand again.
