$XRP price is teasing at $2.19 as Israel-Iran tensions escalate. A falling wedge breakout could make it $2.65 — or will it crash?
The XRP price is battling geopolitical chaos - rising on ceasefires, falling on airstrikes. Now at $2.19, a sharp falling wedge suggests a rally to $2.65 is on the way—unless war tensions flare again. Here’s what’s next.
How Iran-Israel War Affects XRP Price
The Iran-Israel conflict will likely affect how the $XRP price performs in the near term. This effect will reflect how other assets, such as stocks, perform during periods of uncertainty when traders abandon more volatile assets such as crypto and focus their attention on assets such as gold.
For example, on June 13, when tensions between the two countries were at their peak, the XRP price dropped from $2.27 to $2.08 within hours.
Again, over the weekend, after reports that the US had struck nuclear sites in Iran, XRP crashed once again, with the price briefly falling below $2 per CoinMarketCap data.
Conversely, after reports emerged that Iran and Israel were on the same page in a ceasefire agreement earlier this week, Ripple rose from $2.01 to $2.21 as interest in the altcoin increased.
Looking at this historical data, it is clear that this controversy has a direct impact on the price of Ripple's token.
Therefore, if there is an increase, traders should anticipate a further fall in XRP price. On the other hand, if there is a resolution and risk appetite for crypto-asset returns, Ripple's price will likely undergo a significant upward trend.
Will XRP crash or rally more?
Currently, the conflict seems to be resolved due to the declared ceasefire, which is likely to increase the price of XRP.
The emergence of a falling wedge pattern, confirmed after the weekend's crash, saw XRP breakout from 7-month stability, indicating that the bulls may be in full control of the price action.
XRP is trying to push above the upper trendline resistance in this bullish pattern, which would confirm that a strong recovery is imminent. If this breakout occurs, the key target is the 200-day SMA at $2.37.
Breaking through this key resistance at the 200-day SMA would confirm that the long-term trend is bullish, and the price could target the high of the pattern, which is at $2.65.
The RSI is currently trying to move above 50, but is facing continued rejection. If it can break above this level, it would confirm that the momentum behind the XRP price performance is strong, and could pave the way for further gains.
In summary, the price of $XRP is at a critical juncture due to tensions between Israel and Iran that are moving crypto prices and increasing volatility.
If conditions become favorable for buyers looking for risk assets, Ripple's price is likely to rise, but if the geopolitical situation deteriorates, the token may crash.
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