The recent rise in tensions in the Middle East has shaken global markets, and cryptocurrencies have not been immune to this instability. In this context, we ask ourselves: how far could the price of XRP fall in the short term ? And above all, are there concrete signs that point to a possible imminent rebound?
XRP Price Drops Below $2 Amid Iran Conflict
The cryptocurrency market took a hit yesterday after Iran threatened to close the Strait of Hormuz in retaliation for US attacks. Nearly a quarter of all oil tankers in the world pass through the Strait. A closure could cause energy prices to soar , inflation to spike , and interest rates to rise . All of which could put further pressure on the cryptocurrency market.
Despite this, even though Bitcoin temporarily fell below $100,000, cryptocurrencies are trying to recover today. Among them is XRP, which is around $2, after a 1.8% decline in the last 24 hours.
The $2 level is a major support and it seems that the bulls are not ready to give up yet. If Ripple closes a daily candle below this level, the altcoin risks a free fall towards $1.60 , the low of early April.
If the price were to fall below this threshold and lose this support, then a more marked correction could occur. Paradoxically, this situation would not necessarily represent bad news for bullish investors: a drop below 2 dollars could in fact create new, more favorable buying opportunities at discounted prices.
But if the price of XRP can recover, a rise towards $2.17 in the next few days is possible. In short, the $2 level is the crucial one to monitor. Furthermore, it is important to also keep an eye on the resistance around $2.05, in case Ripple were to rise again in the afternoon or evening.
Bloomberg Analysts Are Bullish on XRP ETF
James Seyffart and Eric Balchunas – two well-known crypto analysts at Bloomberg – are optimistic about Ripple’s near future. They predict an even higher probability that the XRP ETF will be approved this year in the US , with the new heads of the US Securities & Exchange Commission who seem to be collaborating on this process.
Bloomberg analysts estimate a 95% chance that the XRP ETF will be approved this year, which means that – according to this forecast – only a catastrophic event could prevent the ETF from being approved in 2025.
Analyst sentiment is similar to that of investors on Polymarket , who currently predict a 91% probability of an XRP ETF in 2025.
The XRP ETF is an important development to watch, along with an official settlement of the SEC lawsuit with Ripple . These two catalysts could provide a significant boost to the token, allowing it to reach a new all-time high and climb to $5.
Despite the ongoing uncertainties that characterize the short term, many investors choose to maintain their positions in XRP. This is because they see the token as having strong long-term growth potential, based both on Ripple's solid technological foundations and the project's development prospects.
Promising Cryptocurrencies
For now, it seems that the price of XRP will not make any major movements in the short term. There may be better alternatives with more profit potential , such as the emerging utility token Best Wallet Token ($BEST) which is currently in presale and is attracting a lot of attention from investors. In fact, it has already raised over $13.5 million.
Best Wallet is a growing crypto wallet that has hundreds of thousands of active users since its launch in 2024. The native $BEST token will soon offer premium benefits to users who hold it: the ability to earn high staking rewards, discounts on transaction fees, and early access to emerging cryptocurrencies.
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