XRP surges 6% to $1.24 as US-Iran peace deal lifts risk assets

XRP rose 5.8% to $1.24 as of 14:30 UTC, after the US and Iran signed a preliminary peace agreement that eased geopolitical risk across global markets.

"The de-escalation removes a major geopolitical overhang that had kept capital on the sidelines," said Nina Volkov, crypto markets analyst at Edgen. "XRP's open interest surge suggests traders are pricing in a sustained risk-on rotation."

Open interest in XRP futures reached $2.89 billion, according to Coinglass data, as traders added leveraged long positions. The rally came after President Donald Trump and Iranian President Masoud Pezeshkian signed a 14-point memorandum of understanding on June 17, calling for an end to hostilities and the reopening of the Strait of Hormuz within 30 days. Brent crude fell toward $81 a barrel on the news, further supporting risk assets.

The agreement gives negotiators 60 days to finalize a comprehensive deal covering Iran's nuclear program and sanctions relief. Trump said the US would resume military operations if a long-term deal is not reached, keeping a tail-risk premium in play. XRP's next resistance sits at $1.35, a level not tested since March.

The broader crypto market followed XRP higher, with Bitcoin gaining 2.3% to $68,400 and Ethereum rising 1.8% to $3,520, according to CoinGecko data. The rally extended across altcoins as the Crypto Fear & Greed Index moved back into "greed" territory for the first time in two weeks.

XRP's open interest spike was concentrated on Binance and Bybit, where funding rates turned positive, indicating long-side demand. Liquidations totaled $42 million across crypto derivatives in the past 24 hours, with short sellers accounting for 68% of the total, Coinglass data shows.

The US-Iran agreement also lifted traditional markets. The S&P 500 rose 0.6%, and the VIX fell below 18 for the first time since early June. Oil prices declined for a third straight session, with WTI crude settling at $77.40 a barrel, as traders priced in the reopening of the Strait of Hormuz, which carried about 20% of the world's oil supply before the war.

This article is for informational purposes only and does not constitute investment advice.