XRP just had an explosive day. On June 23, its price soared from an intraday low of $1.96 to a peak of $2.24. At the time of writing on June 24, XRP is holding steady around $2.17 — but this isn't just normal market noise. A staggering $12.19 billion in capital entered the market in just one day!
🔹 Price jumped over 7% in 24 hours
🔹 Market cap surged 10.5%, from $116 billion to nearly $130 billion
🔹 Trading volume slightly declined, suggesting the rally was driven more by supply pressure than broad accumulation
Interestingly, the 24-hour spot trading volume decreased slightly to $4.98 billion, yet market capitalization jumped significantly. This suggests the rally may have been driven by aggressive algorithmic strategies or intense bid-side pressure in low-liquidity zones, rather than widespread buying.
📊 Technical Setup: XRP Breaks Key Resistance Levels
XRP has now broken through the psychologically significant $2 level and also crossed its 20-period EMA on the 4-hour chart. The Relative Strength Index (RSI) has pushed past 60, showing strong momentum — and it’s not yet in the overbought territory, giving bulls room to push higher.
On the daily chart, the price is attempting to reclaim the upper boundary of the rising channel it’s been following since mid-May. The 61.8% Fibonacci retracement from the May high to the June low lies near $2.20 — a level XRP briefly crossed during the recent session.
A strong close above this level could open the door to the next significant confluence zone at $2.42, which aligns with both horizontal resistance and the upper Bollinger Band on the daily timeframe.
📈 What Does This Mean?
The latest action indicates XRP is waking up. While the lack of high spot volume raises questions about the sustainability of the rally, the technical structure and sudden capital inflow suggest a potential breakout ahead.
📌 Keep an eye on whether XRP can hold above $2.20. If so, the next target could be $2.42, with room for even further gains.
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