XRP price loses 10% in 2 days, important $ 2-line comes in sight

As a seasoned Cryptobelegger you are now used to it. One moment the market rises and we seem to go towards new heights, and then suddenly considerable losses follow. The striking blows at XRP currently, which lost almost 10 percent of its value in just two days.

XRP rate under pressure

If we look at the weekly graph, it is particularly striking how the recent correction went abruptly. XRP just seemed to use an upward trend, but that optimism was roughly interrupted. In the meantime we have dropped by several important stuck lines, including the zones around $ 2.30 and $ 2.20.

Weekgrafiek XRP – CoinMarketCap

XRP even briefly tapped a course of $ 2.10, after a rocket attack by Israel on Iran. This makes the crucial psychological limit of 2 dollars dangerously close. If the negative sentiment in the cryptomarkt persists, the course can easily sink further towards this critical level.

Fortunately, the limit of 2 dollars has been acting as strong support for months and it has been successfully defended several times by De Bulls.

In April, however, we saw an exception, during the highlight of the trade war that unleashed Donald Trump, XRP dropped below this level. The course then came to a bottom of 1.65 dollars, which would mean a loss of 23.3 percent on paper compared to the current level.

War threat determines sentiment

Whether the $ 2-limit holds depends strongly on how the geopolitical situation will develop in the coming period. The escalating conflict between Israel and Iran is currently weighing heavily in the financial markets. Israel carried out dozens of air strikes on Iranian nuclear and military goals and indicated “as long as necessary” to eliminate the threat. It is still unclear whether and how Iran will hit back. As long as there is no end in sight, there will remain a great uncertainty among investors, and that puts the cryptomarkt under pressure.