Despite XRP rallying and being a top performer a few days ago, the token is headed down once again. At the start of the week, XRP rallied to reach over $0.22 where it met strong resistance.
The asset has however erased much of its recent gains. At the time of writing this, the third-largest cryptocurrency by market cap is in the red. This is despite most cryptocurrencies being green. Especially for Bitcoin, the asset is up by more than 5% which has further seen it set a new year high.
XRP looks set to retrace back to $0.20 before another surge. Once this support is achieved, traders will next look to accumulate and push prices above the $0.22 resistance.
The more than 5% gain by Bitcoin has primarily been credited to the U.S-Iran geopolitical event. It all began at the start of the month when Bitcoin surged from $6,800 to around $7,200 in 24 hours following the news that the U.S had killed a top Iranian general. This indicated that further escalation of the situation would mean more gains for Bitcoin.
U.S-Iran Tension Fueling Bitcoin
In the last 48 hours, the situation has escalated and Bitcoin has gained exponentially. Iran has attacked two Iraq air bases that host U.S military personnel. Following the announcement, Bitcoin was among the commodities that soared. Gold and oil also surged.
For Bitcoin, the move has seen it set a new year high of $8,400. Bulls will look to break above this resistance before targeting $8,800 and finally making a run for $9,000. With the U.S threatening a quick and full strike back if any U.S person is harmed by Iran, the situation is set to continue fuelling Bitcoin upwards.
Like Bitcoin, a number of altcoins are performing well. Tezos, for example, is up by 6% while Litecoin is up by 4% at the time of writing this. Most, however, are recording small gains like Cardano which is only up by 2%. Notably, these gains have come despite Bitcoin steadily climbing towards a market dominance of 70%.
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