Key Highlights
- XRP experienced a 4.32% decline, settling near $1.07 on July 8 following Trump’s announcement terminating the US-Iran ceasefire
- The presidential statement sparked more than $400 million in cryptocurrency liquidations across the entire market
- Long position liquidations for XRP reached $8.61 million — the most significant level observed since June 25
- XRP exchange-traded funds reported no new capital inflows for two consecutive days on July 6 and 7
- Critical support zone exists between $1.00–$1.05; a breakdown could drive prices toward $0.90
XRP experienced a significant downturn on July 8 following President Donald Trump’s announcement that diplomatic relations with Iran have collapsed. During a NATO Summit appearance in Ankara, Trump delivered harsh remarks about Iranian leadership and stated his administration would no longer pursue negotiations.
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The United States military conducted strikes against 80 Iranian targets on July 7, retaliating for Iran’s attacks on commercial vessels navigating the Strait of Hormuz. Trump additionally reinstated petroleum sanctions against Iran, reversing concessions made during a 60-day ceasefire agreement established on June 17.
Crude oil valuations rebounded to the June 24 peak of $74 per barrel in response to these developments. Cryptocurrency markets moved inversely as market participants liquidated risky positions.
XRP declined 4.32% throughout the trading session, hovering around $1.07 at press time. This downturn generated $8.61 million in long position liquidations for XRP — marking the highest liquidation volume since June 25. The broader digital asset market witnessed liquidations exceeding $400 million.
Market analyst ChartNerd (@ChartNerdTA) identified a hidden bearish divergence pattern developing on XRP’s daily chart, cautioning that the token must recapture $1.15 quickly or face a probable retreat toward the $1.00 threshold. This forecast has demonstrated accuracy thus far.
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Technical Indicators Signal Weakness
XRP has penetrated below its 20-day exponential moving average of $1.11, indicating near-term bearish momentum dominance. The Awesome Oscillator has transitioned to red bars, validating that sellers currently maintain market control.
Immediate support rests at the June 30 low of $1.03. The next crucial level lies at the psychologically significant $1.00 mark. On the resistance side, sustaining closes above $1.11 for three straight trading days would signal the initial indication that bearish forces are weakening. Such a scenario might facilitate a recovery toward the July 4 peak of $1.18.
As of early July 9, XRP trades approximately at $1.09, confined within a narrow trading band. Descending peaks at $1.1133, $1.0993, and $1.0932 demonstrate that sellers continue suppressing upward attempts.
Institutional Participation Remains Subdued
Ripple secured regulatory authorization in Luxembourg on July 5, achieving full compliance with Europe’s Markets in Crypto-Assets (MiCA) framework. However, this regulatory milestone has failed to stimulate institutional interest.
Spot XRP exchange-traded funds registered no capital inflows during both July 6 and July 7. Chicago Mercantile Exchange XRP futures contracts recorded merely 635 trades on July 7 — representing the lowest activity level since June 12.
The XRPBTC trading pair is currently testing support around 1,700 satoshis, suggesting persistent relative underperformance compared to Bitcoin.
