The cryptocurrency market is trading higher in the early Friday session, with XRP reaching an eight-week high of $2.60, last touched on May 14, 2025. Bitcoin rose to a new all-time high on Friday, surpassing its previous record set just a day before, as investors piled into risk assets and liquidated short positions. The current spike has pushed XRP's market capitalization above $150 billion, to $153.89 billion, according to CoinMarketCap data. XRP last reached a market valuation of $152 billion in May 2025 when it briefly surged to become the third-largest cryptocurrency. The XRP price has jumped over 7% in the last 24 hours, marking a strong comeback for the cryptocurrency. Market sentiment toward XRP improved following recent developments of RLUSD stablecoin, for which Ripple announced BNY Mellon as its primary custodian. The stablecoin also passed $500 million in market capitalization earlier this week, marking a symbolic milestone for the XRPL ecosystem. This optimism, combined with increased whale activity, has resulted in renewed institutional participation. On-chain data reveals a surge in wallets holding more than one million XRP, indicating increased confidence among large holders. Whale wallets with more than one million XRP now hold 47.32 billion XRP, demonstrating institutional accumulation. XRP price At press time, XRP was up 6.98% to $2.6 and 17% weekly. The cryptocurrency has risen for the fourth day in a row since July 7. The surge has surpassed the daily SMA 50 and 200 at $2.227 and $2.365, respectively, which capped the XRP price since May. Analysts point to a macro breakout from XRP’s multi-week descending wedge, a pattern that has traditionally preceded large swings. Fresh support emerged at $2.53, and consolidation over $2.54 affirmed the trend's continuation. Eyes are now on the $3 mark if bullish momentum is sustained, with the possibility of reaching $4 in case of a massive surge.