Will XRP Break All-Time High After US-China Trade Talks & SEC Case Win?

The anticipated imminent diplomatic deal between the United States and China regarding the ongoing trade war has improved the odds for a crypto-bullish sentiment ahead. Bitcoin (BTC) price led the wider altcoin market in a mild recovery last week.

With on-chain data showing significant confidence from whale investors, the crazy crypto speculation is likely to happen in the coming weeks.

XRP Price on the Rise

As Bitcoin price rallied towards $85k last week, XRP price recorded a 28 percent surge to trade at about $2.12 on Monday, April 14 during the early London session.

The large-cap altcoin, with a fully diluted valuation of about $211 billion and a 24-hour average trading volume of about $3.8 billion, has seen its total Futures Open Interest (OI) rise from $2.87 billion on April 9 to about $3.41 billion on Monday.

Technical Analysis

From a technical analysis standpoint, XRP price has been retesting the bullish breakout from the 2021 all-time high of about $1.9. In the weekly timeframe, XRP price has been forming a falling wedge, amid the macro bullish outlook.

As a result, a consistent close above the falling logarithmic trend line, which was established since the beginning of this year, will trigger the next XRP price parabolic rally toward price discovery.

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Bigger Picture

As Coinpedia has severally reported in the past, XRP is among the best investments, among the large-cap altcoin, backed by its robust fundamentals. The mainstream adoption of XRP was catalyzed by the closure of the U.S. SEC vs Ripple case, in addition to improving markets for Ripple’s payment product.

In a bid to improve the adoption of its products, Ripple Labs recently closed one of the largest crypto deals of Hidden Road, a prime brokerage firm, for around $1.25 billion.

The inclusion of XRP among the crypto assets in the U.S. strategic crypto reserve significantly helped attract more institutional investors. Furthermore, more fund managers have already filed for spot XRP ETFs with the U.S. SEC.

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