The anticipated diplomatic trade agreement between the United States and China has reignited positive expectations in the cryptocurrency market. Bitcoin 
$76,293‘s recent recovery has also invigorated the altcoin market. According to on-chain data, significant interest from large investors at buying points indicates higher volatility in the crypto market in the upcoming weeks. In this context, XRP’s price has made a notable leap.
XRP Price Shines with Momentum
Following Bitcoin’s rally towards the $85,000 mark last week, XRP gained significant momentum. At the start of the London trading session, XRP surged by 28%, reaching a level of $2.12. This increase captured the attention of investors. XRP’s fully diluted market capitalization is approximately $211 billion, with an average daily trading volume reaching about $3.8 billion.
On the futures side, significant activity has also been observed. The Open Interest value for XRP has risen from $2.87 billion on April 9 to $3.41 billion today. This increase in Open Interest reflects investor confidence in long positions, potentially signaling further price increases.
Technical Indicators Point to a Parabolic Rally
From a technical analysis perspective, XRP’s price has broken through the all-time high of $1.90 reached in 2021. The weekly chart shows that it is on the verge of breaking a long-standing descending wedge formation, which typically results in strong upward movements.
Sustained closures above the logarithmic downtrend that has persisted since the beginning of the year may pave the way for XRP to enter a parabolic upward trend. Analysts predict that maintaining levels above these points could lead XRP into a new price discovery phase.
Institutional Interest in XRP Grows with Recent Developments
XRP’s rise is attributed not only to technical factors but also to strong fundamental developments. The conclusion of the lawsuit between the SEC and Ripple 
$1 has been a significant factor boosting investor confidence. Interest in Ripple’s payment products has increased markedly following this development.
Recently, Ripple Labs signed a major deal worth around $1.25 billion with Hidden Road, a leading prime broker. This agreement is crucial for expanding XRP’s institutional usage. Additionally, the filing of XRP-based spot ETF applications in the United States has further raised institutional interest in the altcoin.
