Key takeaways
- Ripple’s XRP price has risen by almost 11%, making it the second best performing coin among the top 10 cryptocurrencies.
- The coin could extend its rise beyond the $1,366 resistance level.
XRP is approaching $1.30
Cryptocurrency markets remained broadly higher on Monday, with Bitcoin (BTC) leading the gains as it rose above the $66,000 mark.
The positive momentum extended across major altcoins, with Ethereum (ETH) trading above $1,800 and Ripple trading above $1,250.
This rise comes as investor sentiment improves after reports that the United States and Iran have reached a preliminary peace agreement aimed at ending hostilities in the Middle East.
The easing of geopolitical tensions has encouraged investors to return to risk assets, supporting a broad-based recovery across digital asset markets.
Officials from both countries confirmed progress towards a peace agreement that could significantly reduce tensions in the region.
Iran’s Deputy Foreign Minister told state television that the agreement is expected to be officially signed on Friday. Meanwhile, the senior military leadership in Tehran described this development as a major victory.
Although full details of the agreement have not yet been published, CNN reports that the ceasefire that began in early April will likely be expanded in scope and duration, allowing for an additional 60 days of negotiations.
One of the most closely watched aspects of the agreement is the potential reopening of the Strait of Hormuz, an important global shipping route for oil and energy supplies.
Iran’s National Security Council announced that the US naval blockade would be lifted immediately under the agreement and that military operations would cease across multiple fronts, including the conflict in Lebanon.
However, geopolitical risks have not completely disappeared. Reports from the Lebanese National News Agency indicate that Israel has expanded its military operations in southern Lebanon, highlighting that regional tensions remain a factor in global markets.
XRP targets the $1,366 resistance level
The improving geopolitical backdrop helped boost sentiment in the cryptocurrency market.
Evidence of this shift can be seen in the Cryptocurrency Fear and Greed Index, which rose to 20 on Monday. While the index remains in the “extreme fear” zone, the reading represents a marked improvement from 18 the previous day and just 8 a week ago.
At press time, XRP is trading at $1,267, up nearly 11% in the past 24 hours. The symbol remains trapped below several important technical resistance levels, suggesting that sellers continue to control the larger trend even as momentum indicators begin to stabilize.
Although XRP remains under pressure, some technical signals indicate that the downward momentum may be easing.
The Moving Average Convergence-Divergence (MACD) histogram has turned slightly positive on the daily chart, indicating a possible recovery.
However, the Relative Strength Index (RSI) rose to 77, heading into overbought territory.
In order for XRP to build a stronger recovery, buyers must overcome several major resistance areas. The first major resistance is located at $1.28, which is the 50-day moving average.
A rise above this level could see XRP extend its rally towards the higher supply areas at $1.38 and $1.59.
On the downside, the first major support level for XRP is near the lower Bollinger Band around $1.03.
Below that, the psychologically important $1.00 level represents a key demand area that could attract buyers if selling pressure intensifies.
