says<\/a>\u00a0that institutions have been continuing to bet big on XRP throughout the year.<\/p>\nXRP, the fifth-largest crypto by market cap at time of writing, was sued by the U.S. Securities and Exchange Commission (SEC) in November of 2020 under allegations that Ripple Labs had sold XRP as an unregistered security.<\/p>\n
After a lengthy trial, the courts decided partially against the SEC earlier this year, ruling that Ripple\u2019s automated open-market sales of XRP don\u2019t represent securities offerings, contrary to what the SEC argued.<\/p>\n
XRP\u2019s price has been up and down since the ruling. However, Butterfill says large institutional players have consistently bought into XRP this year.<\/p>\n
\u201cDefinitely, I think, as we\u2019ve had various different rulings, investors have been adding [to their XRP positions] consistently, every week. Barring a few weeks of outflows, every week this year [we have seen inflows] for XRP. So I think it is really positive for XRP in that respect.<\/em><\/p>\nIt just goes to show \u2013 when things have regulatory clarity, investors start backing it\u2026<\/em><\/p>\nIn all of our surveys that we do, the top of the list for crypto investors is regulation. That\u2019s what they\u2019re so concerned about. And until we have clarity on that, I think we\u2019ll continue to see choppy, hesitant investors.\u201d<\/em><\/p>\nXRP is worth $0.62 at time of writing, down 1% in the last 24 hours.<\/p>\n