XRP 'Stumbles' on Trump's Iran Threat...Tests $1 Support Line Again

▲ XRP/AI generated image

XRP fell by 4.32% due to the shock of remarks regarding the end of the truce between the US and Iran. An analysis suggests that if selling pressure continues, it could test the psychological support line of $1.

According to CoinGate, a cryptocurrency specialized media outlet, on July 8 (local time), liquidations exceeding $400 million occurred in the cryptocurrency market after remarks by US President Donald Trump. XRP long position liquidations amounted to $8.61 million, the largest since June 25.

Trump strongly criticized Iranian leaders and negotiators at the NATO summit in Ankara. Trump said, “I think it’s over. I don’t want to deal with them anymore.” The US attacked 80 targets in Iran on July 7 and reimposed oil sanctions on Iran.

Technical pressure also increased. XRP fell below the 20-day exponential moving average (EMA) formed at $1.11. CoinGate analyzed that if selling pressure continues, it could retest the June 30 low of $1.03. If even $1.03 breaks, $1 was suggested as the next support line.

The condition for a rebound is a recovery to $1.11. An analysis suggests that if XRP closes above the 20-day EMA for three consecutive trading days, an upward trend could resume. In this scenario, the possibility of recovering the July 4 high of $1.18 was presented.

Institutional demand weakened. XRP spot ETFs recorded zero net inflows on July 6 and 7. CME's XRP futures trading volume also only reached 635 contracts on July 7, the lowest volume since June 12.

[Article Summary]

-XRP fell by 4.32% after remarks about the end of the truce between the US and Iran, with long position liquidations reaching $8.61 million.

-An analysis suggests that if XRP falls below $1.03, it could retest the psychological support line of $1.

-XRP spot ETFs recorded zero net inflows for two consecutive days, and CME futures trading volume decreased to 635 contracts.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*