XRP News Today: Crypto Market Surges 2.9% as Iran-Israel Ceasefire Boosts Sentiment

The cryptocurrency market experienced a significant relief rally today, driven by the announcement of a ceasefire between Iran and Israel. This development shifted market sentiment from fear to neutrality, leading to a broad recovery across various cryptocurrencies. Major cryptocurrencies such as XRP and Ethereum (ETH) saw substantial gains, with both jumping above 6% each. This rally was part of a broader market rebound as global tensions eased, impacting various asset classes.

Oil prices tumbled by 2.92%, with Brent crude falling to $69.39 as Middle East tensions eased. Analysts rejected the scenario of a supply shortage, contributing to the market's positive sentiment. Meanwhile, S&P 500 futures climbed 0.58% to 6,112, and the dollar index dropped 0.32% to 98.10. The risk-on rotation saw gold pull back as safe-haven demand waned, with gold prices dipping 2% to $3,315.8 per ounce. Investors pivoted from defensive positions into high-beta crypto plays and riskier assets such as stocks and ETFs.

The cryptocurrency market capitalization increased by 2.9% to $3.23 trillion. Bitcoin climbed 3.6% to $105,471, and Ethereum jumped 6.5% to $2,422. The broader recovery saw altcoins outperform, with XRP gaining 8.1%. Nearly 30 of the top 100 coins saw double-digit increases, with SEI being the top performer, mooning 46.5% to $0.2855.

Meme coins, known for their volatility and unpredictability, showed even more explosive gains. SPX6900, for instance, experienced a 28% rally to $1.3476. The Average Directional Index (ADX) at 35 indicated strong trending conditions, suggesting that the current momentum has legs. The Relative Strength Index (RSI) at 56 placed the token in the "power zone," where momentum is strong but not yet overbought. Historical data shows meme coins often run until RSI hits 75-80, suggesting approximately 20% additional upside potential before exhaustion. The 50-day Exponential Moving Average (EMA) at $1.07 now provides dynamic support, having flipped from resistance during today's breakout.

The Squeeze Momentum Indicator showed "ON" status in a bearish movement, indicating volatility compression that typically precedes explosive moves. Combined with today's volume surge of 96.8%, the setup suggests continuation toward the $1.51 resistance level tested in mid-June. Key levels for SPX6900 include immediate support at $1.24, strong support at $1.07, immediate resistance at $1.51, and strong resistance at $1.73-$1.77.

Dogwifhat (WIF), another meme coin, popped 23% to $0.8740. This move reclaimed the $0.79 level, a former support zone that had capped prices since early June. This flip from resistance to support often marks the beginning of sustained uptrends. The RSI at 52 presented an interesting setup, offering maximum flexibility for the next move. The ADX at 17 showed that the bearish trend is now weaker, giving room for a short to medium-term bounce if the coin can keep up momentum. The EMA configuration, with the 50-day average below the 200-day in a "death cross" formation since January, may be concerning. However, today's surge brings price action closer to challenging the 50-day EMA around $0.91. A decisive break above this level would shift medium-term momentum bullish and potentially trigger algorithmic buying from trend-following systems. Key levels for Dogwifhat include immediate support at $0.79, strong support at $0.69-$0.70, immediate resistance at $0.91, and strong resistance at $1.05.