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XRP, the fifth-ranked cryptocurrency asset by market capitalization, has made a significant price break in the last 24 hours. CoinMarketCap data reveals that XRP breached the $1.40 resistance level after its volume spiked by over 10% following renewed interest in the coin.
XRP volume spike drives break above key resistance
Notably, XRP’s trading volume climbed by 12.92% to $2.63 billion, pushing the price from a low of $1.37 past the resistance level. XRP had stagnated below this resistance for some days now, and the current breakout has volume support that could sustain it.
If the interest from market participants lingers, XRP could continue its upward momentum. As of this writing, XRP exchanges hands at $1.41, which represents a 3.02% increase in the last 24 hours. The coin previously hit a peak of $1.42 before settling at the current level.
It is likely that the renewed interest, which pushed the volume up, was because of the recent partnership with Mastercard, the global payment giant.
As reported by U.Today, Ripple and Mastercard are collaborating on the Crypto Partner program, which aims to connect blockchain companies with banks and payment networks.
The move is expected to accelerate the adoption of digital assets like XRP and Ripple’s USD (RLUSD) stablecoin.
Can XRP rally toward $1.50 or higher?
With XRP’s volume up and bullish sentiment high in the community, the coin has the potential to retest the $1.50 price level.
The current outlook suggests that if XRP finds support at the $1.40 to $1.42 area, it could soar to $2 if volume stays green.
The coin currently has strong on-chain fundamentals and recently formed a golden cross on its hourly chart. Should investors and traders in the XRP space continue to engage the coin, it might prove sufficient to catalyze the price above $1.50 and edge it toward $2.
However, if XRP closes below $1.39, this could nullify the breakout projection on the asset.
Dan Burgin
Vladislav Sopov
