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- Ripple’s XRP is up nearly 11%, making it second in the top 10 cryptocurrencies.
- The currency can extend its rally beyond the resistance level of $1.366.
XRP is approaching $1.30
Cryptocurrency markets remained bullish on Monday, with Bitcoin (BTC) gaining ground as it rose above $66,000.
The positive momentum continued for the major altcoins, with Ethereum (ETH) trading above $1,800 and XRP trading above $1,250.
The meeting comes as investor sentiment is improving following reports that the United States and Iran have reached the first peace deal aimed at ending the conflict in the Middle East.
The decline in international tensions has encouraged investors to return to riskier assets, helping to restore overall financial markets.
Officials from the two countries have confirmed that they are moving forward on a peace agreement that could significantly reduce tensions in the region.
Iran’s deputy foreign minister said on state television that the deal was expected to be signed on Friday. Meanwhile, Tehran’s military officials described the development as a major victory.
Although the details of the agreement have not yet been released, CNN reported that the ceasefire that began in early April should be extended indefinitely and for a longer period of time, allowing for 60 days of negotiations.
One of the major targets of the agreement is the reopening of the Strait of Hormuz, the world’s most critical oil and energy transit route.
Iran’s National Security Council has announced that the blockade of the United States military will be lifted immediately in accordance with the agreement and that military operations will end in many areas, including the conflict over Lebanon.
However, geopolitical risks are not completely over. Reports from the National News Agency in Lebanon indicate that Israel has increased military operations in southern Lebanon, ensuring that the regional conflict remains an important factor in international markets.
XRP is targeting the resistance level of $1.366
Increasing geopolitical volatility has helped boost sentiment in the cryptocurrency market.
Evidence of this change can be seen in the Crypto Fear & Greed Index, which rose to 20 on Monday. Although the list remains in the “Very Scary” area, the reading shows a significant improvement from 18 the previous day and 8 the previous week.
At press time, XRP is trading at $1.267, up about 11% over the past 24 hours. The indicator remains locked below several key technical resistance levels, indicating that traders continue to control the trend even as trends begin to stabilize.
Although XRP remains under pressure, some current indicators suggest that the downside may be limited.
The Moving Average Convergence Divergence (MACD) histogram has slightly reversed the daily chart, indicating the possibility of a recovery.
However, the Relative Strength Index (RSI) has risen to 77, entering overbought territory.
In order for XRP to make a strong recovery, buyers must overcome several levels of resistance. The first major resistance is at $1.28, the 50-day EMA.
A move above this level could see XRP extend its rally to the highs of $1.38 and $1.59.
Below that, XRP’s first level of support is near the Bollinger Band near $1.03.
Below, the psychologically important level of $1.00 represents a key area that will attract buyers if the sale continues to expand.
