Leading altcoin XRP is trading at the $1.30 range on Monday, and its price has stalled in the charts. The Ripple’s native token has barely experienced a spurt in value, testing the patience of investors. US President Donald Trump announced the blockade of the Strait of Hormuz, even not allowing Iranian ships to enter or exit the route. The situation has already strained all diplomatic talks and threatens the 14-day ceasefire.
The broader cryptocurrency market, including Bitcoin, Ethereum, and XRP, among others, is now caught in the crossfire. The ground beneath has once again turned slippery, with a chance of the markets turning red. This comes after a relentless tension since March that has put prices off the cliff. Traders taking an entry position since the war broke out experienced heightened volatility. Only the ones that can stomach the price swings are advised to take an entry position.
Also Read: XRP Holders May Be In For The Best Decade In Its History
How Low Can XRP Go From Here?
More losses are indicated for Ripple’s XRP as the recent data from Coingecko shows that trading volume has decreased by nearly 6.20%. Investors are mostly staying away from taking an entry position as bears are mostly in control. No amount of collaboration by Ripple and the usage of RLUSD is pushing XRP’s value up in the charts.
This shows that both Ripple’s day-to-day business activities bear no connection to XRP’s value in the indices. Both remain independent of each other and rarely go hand-in-hand. If the downside does not break at $1.30, the next leg for XRP would come to the $1.20 range. This is a risky territory as sell-offs could begin at this price juncture.
A domino effect of offloading, surrounded by the US-Iran war, is enough to break the mold. XRP will remain in dangerous territory. Therefore, it is best to avoid taking an entry position during this period.