Ripple’s native token, XRP, is currently trading at $1.40 and has dropped 2.6% during the day. After going from $1.10 up to $1.50 during the final week of August, the leading altcoin is now a little cooler. Although it is range-bound, the altcoin has managed to hold on to the resistance levels. The ongoing US-Iran talks are still not concluded. American forces struck five Iranian oil tankers Tuesday is the day.
Please Read This: Bank for International Settlements Tests XRP Ledger
Buy XRP or skip it?
Bitcoins, which were at $62,000 during the last week in August, soared to $78,000 when President Donald Trump declared that the US was considering purchasing bitcoin. “sizeable” BTC amount. Ripple’s cryptocurrency XRP was also a beneficiary of this. Brent oil has reached $100 per barrel, and Crude Oil is on its way to reaching that level.
India’s Sensex, which is the world stock index, has been on a downward trend for four days. This has already affected the global stock market, with India’s Sensex experiencing a continuous four-day decline. Dow Jones index also plunged more than 400 points The price of oil topped $100 on Wednesday. Treasury yields have also hit a November 2023 highThis will add pressure to equities before the release of important US inflation figures. XRP therefore is not a place of safety, since the global market is setting up for a decline due to recent developments.
Entry into XRP at this time is a high-risk move, since surging oil can cause both cryptocurrency and stock markets to fall. Wall Street expects oil prices to continue rising, which will lead to turbulent times in the equity markets around the world. Wait and see what happens globally before you take a position in XRP. If the price of XRP drops sharply, investors could see their gains disappear.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
