- On Monday, the XRP price soared by 4% on a daily chart, climbing from $1.40 to $1.45 with a market capitalization of $2.93 billion
- The crypto market has witnessed an upward momentum, helping BTC to surge above $71,000, following Trump’s major statement regarding the ongoing war against Iran
- While Iranian officials have refuted these claims, the cryptocurrency is showing resilience amid the global energy crisis, along with small bullish momentum
The fourth-largest cryptocurrency, XRP, gained upward momentum on Monday after a surge of over 4% following signs of easing tensions in the Middle East.
On March 23, the XRP price soared by over 3.47% on a daily chart with a market capitalization of $88.84 billion. At the time of writing this, the cryptocurrency is trading at around $1.44 with a daily trading volume of $2.93 billion, which also jumped by 82%, according to CoinMarketCap.
What Fuels Growth in the XRP Price
The spike in XRP price was seen immediately after a rally in Bitcoin (BTC), which triggered a correlation between the two. One of the major highlights of today’s price movement was a major update from U.S President Donald Trump regarding a full-scale war between the U.S. and Iran. In a Truth Social Post, Trump mentioned “very good and productive conversations” with Iran over the last two days, which is expected to bring “complete and total resolution of our hostilities in the Middle East.”
(Source: Trump on Truth Social)
He ordered the Department of Defense to postpone “any and all military strikes against Iranian power plants and energy infrastructure for a 5-day period.” This statement from the U.S. The president has given some relief to the financial world, which was crushed by economic challenges and the energy sector crisis after the blockade of the Strait of Hormuz.
The statement also followed a 48-hour ultimatum that Trump has issued to reopen the Strait of Hormuz. However, there is no official statement on this matter from the Iranian officials yet. Some local media outlets are reporting that “There has been no direct or indirect contact with Trump.”
On this development, the crypto market reacted immediately after considering it as a sign of de-escalation. One of the leading indicators, Brent crude oil, fell more than 10% toward $96, while stock futures climbed 1.9%, and bond yields dropped.
The cryptocurrency market, which was already in a consolidation zone, has also given a sign of a rebound. Bitcoin (BTC) price jumped by 3.63% and is currently trading at around $71,310.72 with an impressive market capitalization of $1.4 trillion.
However, crypto liquidation is still growing right now. According to Coinglass, around $828 million was wiped out from the crypto market in the last 24 hours. Bitcoin led the liquidation at $261 million, Ethereum followed with $209 million, and short positions accounted for approximately $398 million. As of now, 202,364 traders have been liquidated.
According to the leading platform, there are strong buy signals across all time frames for XRP price action. Most of the moving averages are showing buy, which simply means that the averages’ prices over short and longer periods are supporting upward movement.
The 14-day Relative Strength Index (RSI) is hovering around 52, indicating neutral to slightly bullish momentum in the crypto market. MACD is also giving a buy signal. With the upward momentum, the major support level is at $1.42, while the major resistance to watch out for the XRP price is at $1.45 to $1.50.
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