Crypto Market Today: BTC Breaks $78K, ETH Tests $2,400, XRP Soars to $1.45 as Trump Extends Iran Ceasefire

The crypto market is up today, April 22, with a 2.35% intraday gain in the total market cap to $2.62 trillion. These gains have caused a wave of liquidations as Bitcoin (BTC) price tested multi-month highs, while Ethereum (ETH) and XRP also edged higher. The bullish momentum could continue after President Donald Trump announced he will extend the ceasefire between the US and Iran, driving demand for risk assets.

Crypto Market Soars Today as Liquidations Top $454M

The crypto market is flashing bullish signs today, with all the top ten cryptos, apart from Hyperliquid (HYPE), trading in the green. Bitcoin price has jumped to a multi-month high, while Ethereum has rallied to test resistance at $2,400. XRP’s rally has also pushed its weekly gains to over 7%.

These gains have caused a surge in liquidations. Data from Coinglass shows that in the last 24 hours, $454 million has been wiped out from the market through long and short liquidations. During this time, 107,771 traders were liquidated.

The rally caused a short squeeze with $319 million short positions being forcefully closed. As these short positions were liquidated, it caused a surge in buying pressure, which further fuelled the rally.

The ongoing market recovery comes amid Trump’s move to extend the US-Iran ceasefire. Despite this extension, the US blockade at the Strait of Hormuz is still in place, and there is still uncertainty around peace talks happening after Iran said it will not participate in the second round of negotiations in Pakistan.

BTC Price Hits 11-Week High, Targets $82K Next

As the crypto market extended gains, Bitcoin briefly touched $78,452 today, its highest level since February 4. While resistance is strong in this zone, a bullish rounding-bottom pattern suggests the rally is still in its early stages.

The depth of the bottom pattern indicates that BTC price rallied by 5.52% from the lowest point to the resistance at $77,785. This means that if Bitcoin can now hold this level as support following its push above $78K, it could bounce to $82K.

On the four-hour chart, buyers are not showing signs of exhaustion even after today’s rally. The RSI is at 64, a sign that there is room for the price to move higher. This RSI reading also shows that there is a strong bullish momentum that could support more gains.

As earlier reported by CoinGape, digital asset manager Grayscale says BTC has not bottomed out. Grayscale also notes that the crypto market could be in the early stages of a bull market, suggesting that the push to the 11-week high today could be the beginning of a strong rally.

ETH Outperforms Crypto Market Today as Bulls Tests $2,400

Ethereum was the biggest gainer among the top ten crypto tokens in the market today, with an over 3% intraday gain. Because of this rally, ETH price is now at $2,400, which serves as a key resistance level.

Following this rally, ETH is now trading above its 100-day EMA. This crossover usually creates interest from buyers by showing that the medium-term outlook is now bullish. At the same time, the CMF indicator is now tipping north, confirming that buying pressure is indeed strong.

If the $2,400 resistance breaks, the next target for ETH lies at $2,700. This is per a recent Ethereum price analysis by CoinGape that outlined the 150-day weekly SMA as the key target for the token.

XRP Price Eyes 20% Breakout Amid Bullish Developments

XRP has also broken out of the $1.40 resistance level, trading at $1.45 today, as the crypto market edges higher. This breakout could be the beginning of a strong rally north, as alluded to by a falling wedge pattern, indicating that a bearish reversal might be on the way.

The target price of this falling wedge is a 23% surge from the breakout point at $1.48, an event that will push XRP to $1.82. This surge is highly likely for the Ripple token, considering that XRP has been outperforming Bitcoin and Ethereum.

Additionally, various bullish developments around the token could aid the uptrend. Ripple recently announced that XRP will be quantum-ready by 2028. With quantum-readiness shaping crypto discussions recently, this announcement could increase buying pressure.

XRP is also exploring DeFi as validators vote on the lending protocol update. This may also be behind the next bullish leg for XRP as utility grows.

Amid these developments, the XRP price will likely surge by 20% in the coming days. It is also likely that Bitcoin and Ethereum will extend their gains as the crypto market sentiment shifts in favour of bulls.