XRP Price Surges 30% in Two Weeks, Reaching $0.61 Amid Bullish Developments

Ripple secured 1,700+ contracts with financial institutions, boosting XRP's adoption. Golden Cross on XRP chart signals potential continued uptrend

output: XRP's price has surged by over 30% in the last two weeks, reaching $0.61 amid several bullish developments, including new revelations about Ripple's business contracts and the Golden Cross on XRP's price chart.

After revealing its financial dealings in a court document, Ripple's XRP saw a significant price increase. The document, filed in 2023 as part of the Ripple-SEC legal battle, disclosed that Ripple has secured over 1,700 contracts with financial institutions and companies for XRP transactions.

This extensive network of partnerships showcases the growing adoption of XRP in the financial sector, boosting its use case in a bullish manner.

The U.S. Securities and Exchange Commission's (SEC) silence on a potential appeal in the Ripple case has also positively influenced XRP's price movements.

Recently, Judge Torres ruled that Ripple must pay a $125 million fine for securities law violations, a decision that was met with varying reactions from the crypto community.

However, 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.

Furthermore, XRP futures also saw a rise in interest, with data from CoinGlass revealing that the Open Interest (OI) in XRP on exchanges rose from $610.95 million to $693.44 million.

This increase in OI indicates that new money is entering the market and that there is a renewed buying activity, which ultimately contributes to XRP's price surge.

On the technical front, XRP's recent rise is supported by positive indicators, including the formation of a “Golden Cross” on its price chart.

This occurs when the 50-day moving average crosses above the 200-day moving average, a signal that often suggests the uptrend might continue.

$XRP has hit the Golden Cross. ?? pic.twitter.com/tf2BCT3Tdt

As XRP faces potential resistance at the $0.64 level, if it can break through this resistance, the next target could be the $0.69 mark.

At the time of writing, XRP is trading at $0.61, up 6.4% in the last 24 hours, with a market cap of $34.3 billion.