XRP News Today: Crypto Stocks Surge 12.10% as Israel Iran Ceasefire Boosts Market

US-based crypto stocks experienced a significant surge on Tuesday, driven by the fragile ceasefire agreement between Israel and Iran. Despite reports of breaches from both sides, the truce has held, providing a sense of relief to investors. This development has led to a notable increase in the value of crypto stocks, reflecting the market's sensitivity to geopolitical events.

The rally in crypto stocks was not isolated; it was part of a broader market response to the ceasefire. US stocks, in general, saw a rally of more than 1% on Tuesday, as investors welcomed the fragile truce. The market's positive reaction was also influenced by statements from Federal Reserve Chair Jerome Powell, which added to the overall optimism.

Coinbase Global Inc. (COIN) was the best-performing S&P 500 stock for the day, closing the trading day up 12.10%. Meanwhile, crypto mining firm Riot Platforms spiked 8.09%, Marathon Digital rose 4.94%, and Michael Saylor’s Strategy (MSTR) gained 2.68%. The broader market also posted gains, with the S&P 500 closing up 1.11% on the day.

Not all crypto stocks shared the rally. Stablecoin issuer Circle Internet Group (CRCL) slid 15.49% during Tuesday’s trading, but the newly listed company is still up nearly 620% since its debut at $31 on June 6. The crypto market has slowly resumed its uptrend, with Bitcoin (BTC) up 1.20% over the past 24 hours, trading at $106,487 at time of publication. Ether (ETH) spiked 1.99%, and XRP (XRP) had a 1.92% gain.

The increasing interest in crypto stocks has other firms looking to go public. On June 23, it was reported that major global cryptocurrency exchange OKX is considering a public listing in the US following its relaunch in the country. The fragile ceasefire between Israel and Iran has provided a temporary respite from geopolitical tensions, allowing the crypto market to rally. However, the market remains sensitive to any developments in the region, and the ceasefire's fragility could lead to volatility in the coming days. Investors will be closely monitoring the situation, as any escalation in tensions could reverse the recent gains in the crypto market.