XRP recorded a strong move higher over the past 24 hours, rising 4.03% to $1.35 and adding roughly $3.2 billion to its total market capitalization, which now stands at approximately $83.17 billion.
At the same time, trading activity surged sharply. 24-hour volume jumped to $3.24 billion, up more than 96%, signaling a significant increase in participation as momentum accelerated across the broader crypto market.
U.S.-Iran ceasefire triggers risk-on rally across crypto
The primary catalyst behind the move was a surprise geopolitical development, namely a two-week ceasefire between the U.S. and Iran, which reduced global uncertainty and sparked a broad risk-on shift across financial markets.
As a result, capital rotated quickly into digital assets, lifting major cryptocurrencies. XRP’s move closely tracked Bitcoin, which gained roughly 4.44% over the same period, reinforcing the view that XRP is currently behaving as a high-beta asset tied to macro sentiment.
Short squeeze and XRP-specific catalysts amplify gains
While the macro backdrop drove the initial rally, XRP’s gains were further amplified by market mechanics and token-specific developments.
A notable short squeeze liquidated approximately $2.63 million in XRP short positions, accelerating upward price pressure as bearish bets were forced to unwind. In addition, progress tied to the Evernorth merger added a layer of positive sentiment, supporting the move beyond purely macro-driven flows.
XRP breakout levels put $1.40 in focus
From a technical standpoint, XRP briefly pushed above the $1.37 resistance level on strong volume, signaling a potential breakout attempt. However, the asset still remains within a broader downtrend channel, making confirmation critical.
If XRP can sustain levels above $1.37, the next upside target sits in the $1.40 to $1.42 range. This zone represents the next key resistance area and would likely require continued strength in the broader market.
On the downside, failure to hold momentum could quickly shift sentiment. A drop below the $1.32 to $1.30 support range would invalidate the breakout and potentially trigger a move back toward lower levels.
Ceasefire deadline becomes key macro trigger for XRP
Looking ahead, the temporary ceasefire, set to run through around April 22, remains the most important near-term catalyst for the crypto market.
If the agreement holds and risk appetite remains elevated, XRP could continue to benefcit from broader inflows. However, any signs of instability or reversal in geopolitical conditions could quickly reintroduce volatility and pressure prices.
Featured image via Pexels/ Alesia Kozic
