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XRP adds $7 billion in a day; Is $2 next?
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XRP is experiencing another rally, with its market capitalization climbing nearly $7 billion on September 21 as the cryptocurrency’s price reached $1.49.
More specifically, XRP’s market value shot up from $86.73 billion to $93.49 billion between 3:00 p.m. (UTC) on September 20 and the same time on September 21, citing CoinMarketCap data.
The move, which represents a 7.8% gain over just 24 hours, comes as investors focus on potential institutional adoption of the XRP Ledger (XRPL) and whale activity picks up.
In addition, renewed speculation that Bank of America (BofA) could use Ripple technology has also contributed to the bullish narrative, although any such institutional adoption would need to be confirmed by the companies involved.
Nonetheless, the push has allowed the cryptocurrency to break above the $1.45-$1.47 resistance zone on elevated trading volume, which nearly doubled on September 21, approaching $41.3 billion.
XRP price rallies with the broader crypto market
The rally has taken place alongside a broader cryptocurrency market advance. Bitcoin (BTC) gained 5.5%, while Solana (SOL) rose 7.5%, pointing to stronger risk appetite across major digital assets.
For XRP, maintaining elevated trading volumes will be important for determining whether the breakout can hold. Looking ahead, $1.54 represents the next major resistance level, corresponding with the 61.8% Fibonacci retracement.
A move beyond that level could bring the late-August swing high near $1.68 into focus. Subsequently, a hold above $1.80 could mean a return to the psychologically important $2 level.
At the same time, XRP must hold above $1.47, as a break below that level, especially if followed by a move beneath the 50-day simple moving average (MA) near $1.39, could weaken the current structure and put support around $1.34 back in focus.
Featured image via Shutterstock
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