After a sharp dip on June 21, XRP price is recovering, trading at $2.02. This comes amid sell-offs in the crypto markets due to geopolitical tensions in the Middle East.
US-Iran Conflict Affects Crypto Market
US President Donald Trump announced airstrikes on Iran, triggering an immediate response in financial markets. Cryptocurrencies, including XRP, experienced selling pressure due to this news.
Resistance at $2.08
XRP price showed resilience, bouncing back from the key support level of $2.01, corresponding to the 1.236 Fibonacci extension. Analysts point to a possible reversal if the price can break above the $2.08 level.
Sentiment Indicators and XRP Forecast
Coinglass data reveals that the long/short ratio for XRP stands at 1.005, indicating market uncertainty. However, there remains hope for a bullish reversal as the RSI shows an upward trend on short-term timeframes.
XRP price continues to face pressure from geopolitical factors but may show recovery if it can hold above key support levels.
