Why did the price of XRP increase today?

In the past 24 hours, the price of XRP has risen by more than 11.25%, reaching 2.21 USD on June 24. This growth is primarily driven by signs of easing geopolitical tensions in the Middle East.

Source: TradingView## The ceasefire agreement between Israel and Iran has led to the recovery of XRP

XRP has recorded a strong recovery, along with the rebound of the cryptocurrency market and other risk assets, after U.S. President Donald Trump announced a ceasefire agreement between Israel and Iran.

Source: TradingViewIsraeli Prime Minister Benjamin Netanyahu confirmed that Israel has agreed to a ceasefire immediately following Trump's statement. Previously, Iranian Foreign Minister Abbas Araghchi committed that Iran would ceasefire as long as Israel also complies.

The U.S. airstrike on Iran's nuclear facilities led to a massive sell-off in the cryptocurrency market over the weekend, with XRP falling by as much as 11% from its local high.

The recovery of XRP occurs as geopolitical tensions ease, improving investor sentiment towards risk assets. Traders have returned to cryptocurrency, stocks, and other highly sensitive markets as fears of a larger conflict in the Middle East subside.

XRP whales overlook concerns in the Middle East

The recovery of XRP coincides with the continued accumulation by medium-sized whale addresses. According to data from Glassnode, the total supply of XRP held by addresses from 10,000 to 100,000 XRP has steadily increased since December 2024, even during periods of geopolitical instability such as the recent Israel-Iran conflict.

! Why is XRP price rising today?XRP supply held by addresses with balances between 10k-100k | Source: GlassnodeThe group currently holds more than 7.34 billion XRP, up from about 6.8 billion a year ago, suggesting that these investors have been quietly buying in when the price has fallen and still maintaining confidence in XRP's long-term prospects.

Their continuous accumulation has created a buffer recently as the market fluctuates, helping XRP to recover quickly as risk sentiment returns.

XRP rises again from a key support level

The growth of XRP today comes after a recovery from a key support level in the range of 1.82–1.92 USD, formed by the (EMA) 50-week exponential moving average and the lower trendline of the current descending triangle pattern. This support level previously triggered a 65% price increase in early April towards the upper trendline of the triangle.

Weekly XRP/USD chart | Source: TradingViewHowever, traditional analysts view descending triangles as bearish reversal patterns when they appear in an uptrend. Therefore, XRP may continue to fall to the level of 1.10 USD if it decisively breaks below the support line of the triangle.

This bearish scenario will be invalidated if the price breaks above the resistance line of the triangle, opening up the possibility for XRP to grow towards 3.36 USD, the highest level since the beginning of the year, an increase of 55% compared to the current level.

Daily Outlook

XRP continues its impressive recovery, rising nearly 2% at the time of writing on Tuesday, following a 7% increase recorded on Monday. This breakout began from the weekly bottom at $1.90, allowing the closing price to surpass the important psychological threshold at $2 on the daily chart.

Currently, XRP is approaching the 50-day exponential moving average (EMA) at $2.21 and getting closer to the 100-day EMA at $2.23. If the price successfully closes above the 100-day EMA, XRP may aim to challenge the strong resistance area around $2.38 — where it converges with the peaks formed on January 16, January 20, and May 14, creating a distinct trend line.

Technically, the MACD indicator shows that the bullish momentum is increasing as the MACD line approaches the signal line, suggesting the potential formation of a bullish cross ( – a potential buy signal. At the same time, the Relative Strength Index )RSI( is also recovering, gradually moving towards the average threshold, indicating that buying momentum is improving after a period of weakness.

![Why is XRP price up today? ])https://img-cdn.gateio.im/webp-social/moments-dfc6e77948c7a12f233f59cc5361b466.webp(XRP/USD daily chart | Source: TradingViewIf XRP cannot hold above the $2 level, the price is likely to fall back to test the support line of the descending triangle pattern at $1.87 — a negative signal that could heighten concerns about the risk of a deeper correction.

Mr. Giáo