XRP Price Drops to $1.13 as Iran Tensions, Fed Policy and Crypto Selloff Weigh Market
Ripple (XRP) coin has failed to stop its losses and dropped further on the day. However, this is due to the weakness in the overall crypto..
Quick overview
- Ripple (XRP) continues to decline, trading at $1.13 with a loss of over 2% amid a broader crypto market drop of 4.48%.
- Investor fears regarding US-Iran peace talks have led to increased caution and a retreat from risky assets like cryptocurrencies.
- The Federal Reserve's decision to keep interest rates high has further pressured XRP and the overall crypto market.
- Despite Ripple's global expansion and partnerships, short-term price weakness persists due to market fears and selling pressure.
Ripple (XRP) coin has failed to stop its losses and dropped further on the day. However, this is due to the weakness in the overall crypto market, which has fallen by 4.48 percent over the last 24 hours to $2.15 trillion. As a result, Bitcoin has also slipped below $63,000, dropping by as much as $2,000 in just 2.5 hours.
However, the major reason behind this bearish trend is some doubts regarding the peace talks between the US and Iran, which have created fear in investors, and they turned cautious and moved away from risky assets such as cryptocurrencies.
As a result of all this, XRP is falling with all crypto market. At the time we are writing this article, XRP was trading at $1.13 and showing a loss of more than 2 percent.
Fed keeps rates high, crypto falls more
On the US front, the Federal Reserve kept interest rates unchanged on June 17 but gave a hawkish signal that there would be fewer rate cuts in the future, which strengthened the US dollar and undermined the cryptocurrency as it forced investors to pull back from investing in non-yielding risky assets.
As a result, further pressure came on XRP. Therefore, market weakness and global tensions are taking XRP lower.
Iran News Hurts Bitcoin and XRP
Asian stocks failed to stop their losses on Friday and fell because investors are very worried about the peace talks between America and Iran. On the other side, trading is very low because the markets in China and Hong Kong are closed for a holiday.
Not only this, but the US markets were also set to remain closed. Although the technology stocks such as Intel were performing well, but this rally faded later because Iran said that talks would only move forward if America provides proper proof of fulfilling its agreement.
Furthermore, US Vice President JD Vance also canceled a meeting with Iran, which increased further tensions between America and Iran. As a result, investors are now becoming fearful of risky assets, and pressure has increased on cryptocurrencies.
XRP is also coming under downward pressure and if the situation worsens further, XRP could move lower. However, if any positive news comes from the peace talks, everything could improve quickly and the price of XRP could also move higher.
Ripple grows but XRP stays weak today
Ripple is growing its system around the world. It is making deals in Africa, Latin America, Turkey, and with global payment companies. Ripple invested in Flutterwave to use its RLUSD stablecoin and XRP Ledger for faster payments in Africa.
It also joined Bitso to use XRP Ledger for money transfers between the U.S. and Mexico. RLUSD is now available in Turkey through local exchanges.
Mastercard will also help settle payments using RLUSD on XRP Ledger. These moves help Ripple connect banks, apps, and payment systems worldwide. These partnerships are positive for XRP long term because they increase real world use, but short-term price remain weak due to overall market fear and selling pressure.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
- Read our latest reviews on: Avatrade, Exness, HFM and XM
Related Articles
Sidebar rates
Related Posts
Save