The state of uniform fluidization is usually unstable to small disturbances, and this can lead to the formation of vertically traveling voidage waves. In inverse fluidization, when particle density is less than fluid density ( ρ s < ρ f ), particles fluidize in the direction of gravity when the drag force exerted by the fluid overcomes buoyancy. Inverse fluidization thus provides a unique parameter space, which augments the study of instability behavior in normal fluidization when ρ f < ρ s . Using continuum equations of continuity and motion, we compared the linear stability of normal and inverse bed modes to examine the effect of the Froude number ( Fr) and fluid to solid density ratio ( δ = ρ f / ρ s ). Making use of numerical bifurcation analysis and continuation, periodic solutions in the form of one-dimensional traveling waves (1D-TWs) were computed. Based on wave growth rates and bifurcation structure, we identified the Fr as an important parameter for predicting instability strength. However, δ affects instability onset, or the point at which the base state is rendered unstable. In the case studies we examined, traveling waves were shown to propagate in the direction of fluidization, and asymmetrical, high amplitude 1D-TW profiles suggest fully developed bubble-like structures are oriented in the direction of fluidization.