XRP Slides with Crypto as WTI Crude Oil Jumps Over 10%
XRP lost ground alongside a crypto-wide selloff after WTI crude oil surged over 10% to $111 per barrel following comments predicting a protracted Iran conflict. The downturn in Bitcoin and Ethereum extended to smaller tokens such as XRP and Solana as global stocks also weakened.
1. Market Pressure from Oil Spike
Comments forecasting a prolonged Iran war sent WTI crude oil up over 10% to $111 per barrel, triggering broad risk-asset selling. Bitcoin retreated below recent highs and Ethereum fell toward $2,000, dragging smaller tokens including XRP lower.
2. XRP Among Small Tokens Down
XRP shares in the downturn experienced declines similar to Solana and other mid-cap cryptocurrencies. The token’s selloff mirrored that of equities, reflecting heightened risk aversion across financial markets.
3. Broader Crypto Headwinds
Additional pressures include Canada’s ban on cryptocurrency political donations, Elon Musk’s renewed public interest in Bitcoin, Google’s warning that $100 billion of Ethereum faces quantum attack risks, and CoinShares’ stock plunging 25% in its Nasdaq debut via SPAC.