XRP Falls to $1.11 Amid US-Iran Strikes — Crypto Hit by Geopolitical Fears

Quick overview

XRP coin failed to recover from its losses and remained under pressure as the tensions in the Middle East have risen significantly after the U.S. military launched new strikes against Iran. This situation is frightening investors, which is having a very negative impact on riskier assets such as cryptocurrencies. At the time we are writing this article, this coin is trading at $1.11 and is showing losses of more than 5 percent.

On the other hand, investors are keeping their eyes on US inflation data because this data greatly influences the Federal Reserve’s decisions. For example, if inflation comes in higher, the dollar may strengthen, and interest rates may rise, which will have a negative impact on XRP and crypto.

Crypto Market Is Falling

As you mentioned, market conditions are not very good at the moment, and the reason behind this is the ongoing conflict between the US and Iran, which is negatively affecting both the crypto market and the stock market. However, the war between the US and Iran is showing no sign of slowing down infact it is increasing rapidly because earlier this week, Iran reportedly shot down a US helicopter in the Strait of Hormuz. As a result, the US has now carried out an attack on Iran, which is lowering the hopes for peace.

Moving forward, investors are keeping thier eyes on upcoming US inflation data, which is expected to be released later in the day. If inflation comes in higher, then the Federal Reserve will likely keep interest rates high or may even increase them further, which would make the US dollar stronger. This would not be good for the crypto market.

So at the moment, two major factors are negatively affecting the crypto market: ongoing tensions in the Middle East and cautious sentiment ahead of US inflation data.

Ripple Moves XRP Coins Explained

On the other hand, Ripple has moved 50 million XRP coins, in which first some coins were only moved between Ripple’s own wallets, but after that some XRP were sent to Binance exchange wallets. This has made people worried that Ripple might be selling coins, which can affect the price.

But this may not be selling either because Ripple often moves XRP within its system for payments and liquidity services. So this could be normal business activity, so no big impact has been seen on XRP’s price so far.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

BOMBSHELL: BlackRock’s Secret Ties to XRP Are Now Visible

3 hs ago

Save

ServiceNow Falls 6.3% as Security Incident and Software Selloff Pressure Shares; AI Growth Story Remains Intact

3 hs ago

Save

Nuvalent Soars 39% as GSK Agrees $10.6 Billion Takeover; FDA Catalysts and Oncology Pipeline Drive Bullish Momentum

5 hs ago

Save