Ripple’s native token XRP surged 3% in the wake of the US-Iran peace deal negotiated and finalized by world leaders. Asia’s broader markets rose at Monday’s opening bell. Japan’s Nikkei gained 3,100 points. India’s Sensex surging 1,200 points. Hong Kong’s Hang Seng Index also soared by 120 points and is now brimming over with optimism.
US-Iran War has been going on for 107 Days. This has caused the Strait of Hormuz to be closed and the oil price has risen. Global markets, which have been volatile and erratic since March, are breathing a huge sigh as this war comes to an end. The development has also led to a greener cryptocurrency market, including Bitcoin, Ethereum and XRP.
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Ripple XRP to Break $1.50 Level
The US and Iran reaching a deal on peace is a good thing, but the agreement will not be signed until June 19, in Switzerland. Four days is a lot of time, especially in the context of geopolitical events. As both leaders push different narratives there’s still the chance of an escalated situation. In this 4-day period, anything can occur that could change the market’s course. Even after the US/Iran agreement, XRP has not reached $1.20.
The $1.20 level must be flipped, followed by the $1.30 mark to establish a strong resistance for $1.50. The $1.50 price target will be a hollow one if XRP’s prices start to fall as they reach $1.30. The June 19 peace deal could also end up being the classic ‘buy the hype, sell the news’ phenomenon, if any of the parties involved backtracks. Oil prices dropping to $80 and above is also good news for the markets, which could move into safer territory. There is still the risk of higher inflation, and fewer jobs. This can cause markets to be unstable.
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Source: watcher.guru
