XRP is holding steady at $1.41 on Wednesday and remains rangebound within these levels. Investors are closely monitoring the $1.38 support and $1.42 resistance as the currency trades on a tightrope. Accumulating at these levels and selling at the $1.50 range can fulfill the profit-making points. However, the situation in the Middle East is now de-escalating, but it is limited to just five days.
Brent crude oil prices are now hovering around the $96 mark and are still at the higher end despite the recent cooldown in price. This price point holds up the entire market, stunting its growth in the charts. Even Bitcoin, Ethereum, XRP, and the broader cryptocurrency and stock market now depend on oil prices to calm down.
The 5-day ceasefire announced by Trump has lifted the markets slightly towards the green. Asian stock markets, including India’s Sensex, surged more than 2,000 points in the last two days. Ripple’s XRP is also benefiting from the pause and remains trading on the greener side of the spectrum. However, until oil prices fall below $80, XRP will not rally, but could experience brief upside surges that can be cut back.
Also Read: Why XRP Is Quietly One of Crypto’s Most Underrated Plays
Oil Prices Hold the Key to XRP Rally
Ripple’s native token XRP has a lower chance to surge into double-digits until oil prices are brought under control. Not just XRP, Bitcoin, Ethereum, and other leading cryptocurrencies also share the same fate. “Expectations of a ceasefire have risen slightly, and profit-taking is leading the market. But the outlook remains uncertain as to whether negotiations will succeed, limiting selling,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.
XRP is already under pressure even without the rising oil prices, as it dipped nearly 23% year-to-date. Profit-making in the leading altcoin is now becoming tighter with limited upside wings. However, traders who are in it for the long term can expect profits in the five to 10-year horizon.