- XRP rebounded as Bitcoin pushed above $84,000 and crypto short positions were forced to close, while veteran trader Peter Brandt outlined a long-term chart pointing to $5.40
XRP (CRYPTO: XRP) rallied sharply on Sept. 21 as Bitcoin's move above $84,000 triggered a wave of cryptocurrency short liquidations, while veteran trader Peter Brandt published a long-term chart that he said implies an eventual XRP advance to $5.40.
XRP was trading around $1.47 during the move, according to Yahoo Finance, while Bitcoin climbed to about $84,702. The broader crypto market also advanced, with Ethereum and Solana posting gains during the session.
The rally came after roughly $313 million in crypto positions were liquidated in one hour, with short positions accounting for about 96% of the total, according to CoinGlass data cited by Yahoo Finance and CoinDesk. Over 24 hours, liquidations exceeded $700 million.
Why Is XRP Rising?
The immediate catalyst was Bitcoin's rapid move higher. Bitcoin began the European session near $82,000 before climbing toward $85,000. As the price rose, leveraged traders holding short positions faced increasing losses and margin pressure, forcing exchanges to close positions by buying back the underlying assets.
That forced buying can accelerate an existing rally because the liquidation of short positions creates additional market demand.
XRP was particularly sensitive to the move because its derivatives market had carried a negative funding rate for more than a week, according to Yahoo Finance. The data suggested that bearish positioning had become relatively concentrated before Bitcoin's breakout.
Yahoo Finance reported that XRP gained about 6.4% on Sept. 21, compared with a 5.3% increase for Bitcoin at the time of its report.
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How Much XRP Was Liquidated?
The broader cryptocurrency liquidation event was substantially larger than the headline $300 million figure. CoinGlass data showed approximately $313 million in crypto positions were liquidated during the hour Bitcoin crossed $84,000, with shorts representing 96% of the total.
Over a 24-hour period, roughly $710 million in positions were liquidated, with short positions accounting for 86%, according to the same report. CoinDesk separately reported that Bitcoin accounted for approximately $226 million of the one-hour liquidation total, while Ether accounted for nearly $59 million.
The figures help explain why XRP and other cryptocurrencies moved so quickly: part of the buying came from traders being forced out of losing positions rather than from conventional spot-market demand.
What Did Peter Brandt Predict for XRP?
Peter Brandt published a long-term monthly XRP chart on X on Sept. 21 that he said implies an eventual advance to $5.40. Brandt also stressed that publishing the chart should not be interpreted as a trade recommendation. His post specifically distinguished a chart-based projection from a documented trade.
The $5.40 level would represent a substantial increase from XRP's price around $1.47 at the time of the recovery. However, Brandt did not provide a specific timeframe for the move. This $5.40 figure represents Brandt's technical-chart projection, not a guaranteed price target or a stated trading position.
What Is Ali Martinez Saying About XRP?
Another market analyst, Ali Martinez, pointed to whale accumulation as a potential factor behind XRP's recent move. Martinez said large holders had accumulated roughly 1.54 billion XRP worth about $2.2 billion over a 96-hour period. He subsequently argued that XRP's on-chain positioning showed relatively limited resistance before $1.60.
According to the analysis, roughly 2.5 billion XRP had previously changed hands around $1.60, making that level a potential area for profit-taking if the recovery continues. These observations are analyst interpretations of on-chain data rather than confirmed evidence that XRP will reach any particular price.