The recent market movement is quite interesting. XRP, which was struggling around $2, surged to over $2.2, even touching $2.38, with a short-term increase of over 12% within 24 hours. During the same period, ETF daily net inflows reached $48 million, indicating a clear acceleration in institutional capital entering the market.

SUI's performance has been even more aggressive. Starting from $1.8, it jumped 18% in a single day, approaching the $2 mark. Its 24-hour trading volume exceeded $1.8 billion, and the locked-in value in the DeFi ecosystem also surpassed the $1 billion mark. Recently, Mysten Labs launched an upgrade to its privacy technology, showing product-level innovation.

It is worth noting that this is not an isolated rally for a single coin. BTC is pushing towards $95,000, with institutional ETF inflows continuing. Even previously less popular tokens are becoming active, such as PEPE, which surged 25% in one day and nearly 70% over the weekly period. From mainstream coins to relatively niche assets, the market is showing a comprehensive upward trend without obvious signs of capital rotation, which is quite rare.

From a technical perspective, XRP's monthly chart is improving, with its market cap surpassing $140 billion. SUI's futures open interest has hit a nearly two-month high, indicating increased participation from capital.

The driving factors behind this include: first, the regulatory environment is becoming clearer; second, institutional capital continues to flow in; third, liquidity remains ample. These factors combined are fueling the current upward momentum.

At this pace, it may not develop into a historic-scale bull market, but holding positions and waiting for further gains still presents opportunities. Whether XRP can break through $3 and whether SUI can stabilize around $2.5 are likely to be the two key points to watch in the near future.