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Ripple’s XRP has been one of the top-performing cryptocurrencies in the past 24 hours, with its price surging by over 30% in the last two weeks to reach $0.61. This rally is driven by several recent developments that have created a bullish outlook for XRP, attracting renewed investor interest and optimism.
Ripple’s Extensive Business Contracts
One of the primary reasons behind XRP’s recent price surge is the discovery of a court document revealing Ripple’s extensive business dealings involving XRP. Filed in 2023 during the Ripple-SEC legal battle, the document disclosed that Ripple has secured over 1,700 contracts with financial institutions and companies for XRP transactions.
This extensive network of partnerships is viewed as a strong bullish indicator, signaling increased adoption and strengthening XRP’s use case in the financial sector.
SEC’s Silence on Ripple Case Appeal
The silence from the U.S. Securities and Exchange Commission (SEC) regarding a potential appeal in the Ripple case has also positively influenced XRP’s price. Recently, Judge Torres ruled that Ripple must pay a $125 million fine for securities law violations.
The SEC’s lack of response to this ruling has been viewed positively by the market, including Ripple’s CEO Brad Garlinghouse, adding to the bullish sentiment surrounding XRP.
Rising Interest in XRP Futures
Another factor contributing to XRP’s price increase is the growing interest in XRP futures. Data from CoinGlass shows that the Open Interest (OI) in XRP on exchanges has risen from $610.95 million to $693.44 million.
This increase in OI indicates that new money is entering the market and that there is renewed buying activity, further boosting XRP’s price.
Bullish Technical Indicators
XRP’s recent rise is supported by positive technical signs, including the formation of a “Golden Cross” on its price chart. This happens when the 50-day moving average crosses above the 200-day moving average, a signal that often suggests the uptrend might continue.
Looking ahead, XRP faces potential resistance at the $0.64 level. However, if XRP can break through this resistance, the next target could be the $0.69 mark. As of now, XRP is trading at $0.61, showing a 6.4% increase, with a market cap of $34.3 billion.
