$XRP Surges to Seven-Month High Amid Strong Institutional Demand

XRP has reached a seven-month high of $1.67 after extending its bullish streak and clearing the $1.50 resistance. This rally coincided with an 89% increase in trading volume, indicating stronger market participation.

The altcoin later retraced to $1.5114 but remained up 15% on the daily chart. According to CryptoQuant, whale activity showed that large holders had reduced transfers towards exchanges, suggesting weaker immediate selling pressure.

Institutional demand also added support, with Bitwise's XRP ETF recording $16.9 million in daily net inflows and XRP ETFs attracting a total of $18.3 million in daily net inflows, marking their highest level in three months.

However, the derivatives market showed signs of instability, with over $109 million in liquidations across both long and short positions. Despite this, open interest increased 10% to $3.68 billion and derivatives volume jumped 65%, indicating that traders continued to speculate despite recent losses.