XRP has experienced a notable 12% surge within the last 24 hours, outpacing gains among major cryptocurrencies and outperforming both Bitcoin (BTC) and the broader CoinDesk 20 (CD20) index. The token witnessed an additional 5% increase since the onset of Asian trading hours on Wednesday, extending its seven-day growth to nearly 40%. This positions XRP as the top-performing major asset despite favorable regulatory developments for Ethereum (ETH) and the rising demand for meme coins.

“XRP had been underperforming in the market for an extended period, but the reversal in sentiment within the crypto sphere has catalyzed a significant surge in the once-dominant altcoin. During the latest rally, the price ascended to 60 cents, marking its highest point since April. This appears to be an attempt to re-enter the uptrend observed over the past two years,” commented Alex Kuptsikevich, senior market analyst at FxPro. However, Kuptsikevich noted that XRP might need a period of consolidation following this rapid ascent. He mentioned that similar highs were observed during prolonged consolidation phases in November-December and March.

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The token’s gains began last week following announcements by traditional futures giants CME and CF Benchmarks regarding the launch of indices and reference rates for XRP. These developments have led to the formation of a triangle pattern on long-term price charts, which some prominent traders believe could signal bullish action in the forthcoming weeks. “I have never witnessed a 7-year-long bull pennant,” tweeted crypto trader @MichaelXBT on X. “We might be on the verge of one of the most significant breakouts in crypto history.” The triangle pattern is a favored technical analysis chart formation, aiding traders in understanding market sentiment and identifying emerging trends. It manifests when an asset’s price trades within a narrow range following an uptrend or downtrend.

Chartists view a breakout from a triangular pattern, particularly on heavy volumes, as bullish, which may favor upward price movements. Meanwhile, open interest on futures tracking XRP has more than doubled in the past seven days, indicating heightened expectations of future price volatility.

Open interest represents the number of unsettled futures trades. Data from CoinGlass reveals that XRP futures accumulated over $780 million in bets as of Wednesday, a significant increase from the $420 million on July 9, reaching levels last seen in mid-April. Trading volumes for the tokens have escalated from $2 billion to $3.6 billion during this period, according to CoinGecko data. Over 60% of XRP futures bets opened in the past 24 hours are long positions, or bets on higher prices, according to data from Coinalyze. This surge in open interest, coupled with increased trading volumes, indicates new money entering the market with expectations of further XRP price appreciation.