XRP's (XRP 3.19%) token price is moving lower in Thursday's trading. The cryptocurrency was down 4.3% over the past 24 hours as of 11:45 p.m. ET. Bitcoin was down 2.6% over the same period, and Ethereum was down 3.2%.
The crypto market is broadly moving lower today as investors react to the latest Iran war developments. XRP's token price is now down roughly 30% year to date and 64% from the lifetime high it hit last year.
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XRP sinks on Iran war news
President Donald Trump gave an address on the Iran war last night, and cryptocurrencies and stocks are making volatile moves today in response. While President Trump indicated that the U.S. was close to ending the war, he also said that the military would be hitting Iran "extremely hard" in the near future. Stocks and cryptocurrencies have seen some recovery on news that Iran and Oman are negotiating to allow ships from the latter country to pass through the Strait of Hormuz, but XRP is still down significantly over the last day of trading.
CRYPTO: XRP
Key Data Points
What's next for XRP?
While cryptocurrencies have often been touted as a shelter from geopolitical and macroeconomic volatility, evidence for these defensive characteristics has wavered as digital assets have become increasingly integrated into the financial system. If the war with Iran extends for longer than anticipated, it's reasonable to expect that there will be sustained pressure on oil. If so, that could lead to higher-than-anticipated inflation and cause the Federal Reserve to hold off on interest rate cuts -- creating a less favorable backdrop for XRP and other cryptocurrencies.
