XRP Surges 10% Amid Iran-Israel Ceasefire Deal
Ripple’s native cryptocurrency, XRP, surged 10% to $2.20 on Tuesday, outperforming the broader altcoin market following the announcement of a ceasefire agreement between Iran and Israel.
This surge in price can be attributed to a softening of geopolitical tensions as investors gain confidence in riskier investments.
The ceasefire has been agreed upon on Monday through the mediation of the U.S. President Donald Trump. Israeli Prime Minister Benjamin Netanyahu confirmed that Israel accepted the ceasefire, and Iranian Foreign Minister Abbas Araghchi indicated that Iran would also accept the ceasefire provided Israel kept their word.
XRP Surges From Key Support Zone
XRP is supported by a mix of bullish sentiment through rising XRP whale accumulation and optimism around possible approval of a spot XRP exchange-traded fund and continued developments focused on the legal case between Ripple and the U.S. Securities and Exchange Commission.
As data provided by Glassnode indicate, whale wallets with 10,000 to 100,000 tokens in their possession have been accumulating steadily since December 2024.
The number of XRP controlled by this group is currently more than 7.34 billion instead of 6.8 billion the year before, which indicates that whales perform strategic purchases on the market collapse and continue to believe in this token’s future.
The price movement of today was influenced by technical indicators, too. The rebound of the XRP prices has come along an essential summary range of $1.82 and $1.92 and this is over and above its 50-week exponential moving average plus at the base of a downward triangular development. This zone had earlier than before catalyzed a drastic 65 percent charge in April.
Behind the present-day bullish trend, there is still caution. A descending triangle is usually a bearish reversal pattern, although it can form a bullish pattern in a downtrend.
A breakdown of the lower trendline may push XRP back to the range of $1.10, although a successful break above the upper resistance line may dismantle the bearish structure and open a new upward route.
As the analysts are predicting a 90 percent chance of the SEC granting a spot XRP ETF approval, the investors are optimistic about the token, and the price could continue to rise in the near term.
