XRP Price Jumps 10% Following Iran-Israel Ceasefire Agreement
Ripple's native cryptocurrency XRP has risen 10% to $2.20, outperforming other altcoins amid ceasefire talks in the Iran-Israel conflict.
XRP Price Drivers
- Geopolitical developments following a ceasefire agreement between Israel and Iran.
- Whale accumulation of XRP, with addresses holding 10,000 to 100,000 XRP increasing their holdings to over 7.34 billion.
- Optimism regarding a potential spot XRP ETF, with a 90% chance of SEC approval.
- Progress in the ongoing Ripple lawsuit.
The ceasefire agreement was confirmed by Israeli Prime Minister Benjamin Netanyahu and Iranian Foreign Minister Abbas Araghchi. The easing of tensions has increased market risk appetite, benefiting XRP's price.
XRP's recent rally followed a rebound at a critical support zone between $1.82 and $1.92, previously seen as a catalyst for a 65% increase in early April. However, a break below this support could lead to a decline towards $1.10.
XRP Holdings by Whales - Source: Glassnode
XRP price descending triangle pattern - Source: TradingView