The crypto market has notched a rebound, with XRP leading the pack among top assets. XRP continues its bullish swing, which was recorded this month as the price hit levels not seen in several years. The recent positive sentiments drove the wider market cap above $3.6 trillion, surging 3.5% in the last 24 hours.
A look at crypto charts shows XRP ahead in terms of daily gains among the top 10 assets by market cap. XRP trades at $2.65, recording 89% inflows and taking its market cap to $150 billion. Although daily trading volume remains in the red zone, XRP bulls show signs of a recovery.
In a longer time frame, the asset posted 33% gains in the last seven days, wiping out losses seen earlier this week. Similarly, monthly numbers are up 182% as experts tips further bullish sentiments.
Charts Show Bull Flag Pattern
The recent trading pattern shows the price action forming a bull flag in a 24-hour window. From this, the asset is expected to breach the present mark and rise to new levels. While this seems a far stretch with an upper bull target at $4.25, sharp swings in the last 30 days have ignited institutional interest.
Higher open interest is another factor pointing north for XRP bulls as traders use it to assess market sentiments. Since Donald *****’s success at the US Presidential polls, figures have increased as users anticipate more institutional interest. In previous years, XRP traded at new lows due to the SEC’s lawsuit weakening sentiments. With anticipated clear rules, the asset continues to record inflows.
This market trend also affected other assets after Bitcoin surged to new all-time highs, currently trading at $96,941.
Ripple Tap Huge Partnerships
On Nov 25, Ripple announced a partnership with Archax to roll out a tokenized money market fund on the XRP Ledger. The platform looks toward $16 trillion in tokenized assets by 2030 and plans to unlock lower cost and settlement efficiencies.
“Today, in partnership with @ArchaxEx and @abrdn_plc, we’re excited to announce the first tokenized money market fund on the XRP Ledger. With $16T in tokenized assets projected by 2030, this milestone unlocks cost savings and settlement efficiencies by deploying capital markets infrastructure on the #XRPL. For professional investors only,” Ripple wrote.