Ripple’s native token, XRP, surged 3% on the heels of the US-Iran peace deal negotiated and finalized by world leaders. The broader Asian markets rallied at the Monday opening bell, with Japan’s Nikkei rising 3,100 points and India’s Sensex surging 1,200 points. Hong Kong’s Hang Seng index also spiked 120 points, and the market is brimming with optimism.
The US-Iran war has progressed for 107 days, which has led to the closure of the Strait of Hormuz and oil prices surging. The global markets have been volatile since March and are now breathing a sigh of relief as the war is coming to an end. Bitcoin, Ethereum, XRP, and the larger cryptocurrency market have also turned green due to the development.
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Will Ripple’s XRP Breach the $1.50 Level?
While the US-Iran reaching a peace deal is good news, the agreement will be signed on June 19 in Switzerland. That is still four days from today, and is a long time in geopolitical movements. The chance of an escalation remains, as both leaders are pushing different narratives. Anything can happen in this four-day window that can change the course of the markets. XRP is trading at the $1.18 level and failed to reach $1.20 even after the US-Iran peace deal.
It must flip the $1.20 and subsequently the $1.30 level to form a major resistance to reach $1.50. However, if XRP attracts selling pressure as the prices reach $1.30, the $1.50 target becomes hollow. The June 19 peace deal could also end up being the classic ‘buy the hype, sell the news’ phenomenon, if any of the parties involved backtracks. Moreover, oil prices falling to the $80+ level is good news, as the markets could enter safer territories. The risk of inflation and lower jobs remains, which can still cause the markets to remain unstable.
