XRP Price Must Hold, Market Crashes as EU Conflict Escalates
It was a bearish end for XRP price last week. The same goes for the whole cryptocurrency market, where the larger placers took more significant hits. This market crash was ignited by the escalating conflict between Russia and Ukraine. And this decline may continue in the near future.
To keep you up to speed, the recent response from European countries prompted Russia to put its nuclear forces on “special alert”. Immediately after this announcement, the technical indicators for almost all the cryptocurrency and global markets were all in the red.
However, the current XRP price must hold despite this development if it wants to weather this storm. The same goes for every other digital token in the market.
Since the conflict started, AVAX led the way down when it fell 8.08% last week. LUNA slid by 7.31%, ETH slid by 5.85%, and SOL slid by 5.13%. The cryptocurrencies that resisted this fall best were XRP, ADA, BNB, and BTC, all of which fell by only 4% at most.
This tells a lot about the crypto market. Despite the market’s perceived ability to sustain a rally through major geopolitical events, this fall made the market’s credibility uncertain. However, analysts say that as long as XRP, BTC, and ETH weather this storm with minimal losses, the crypto market will be able to avoid huge dumps.
This goes especially for XRP, as it recently closed just above its 50-day moving average. Surprisingly, this situation indicates that XRP might be a little stronger than Bitcoin and Ethereum in these situations. However, Ripple’s native token’s resistance to this situation may not be due to its strength alone.
Last week, Ripple also received several favorable decisions in the lawsuit between the company and the United States Securities and Exchange Commission. This may have contributed to XRP’s perceived strength in the last week.
As it stands, the whole crypto market is experiencing an unprecedented level of volatility, and traders are on guard before making decisions. As developments in different factors that affect the XRP price come, changes are sure to happen for the token.