Ethereum and XRP Price Outlook After Iran Peace Talks Stalled and Closure of Strait of Hormuz

Ethereum and XRP prices advanced on Monday as traders positioned for potential gains later this week. 

Bitcoin price remained steady above the mark of $75,000 following robust weekly growth. 

Ethereum was trading at over $2,300 and was steadily increasing in the early hours of trading. XRP price remained in the range of the $1.40 support area, which indicated that it was resistant to the larger market fluctuations.

The wider crypto market was starting to recover following a short period of consolidation. The traders responded to growing geopolitical conflicts between Iran and the United States. The Strait of Hormuz was again closed and the oil prices soared higher by over 6%.

Iran Peace Talks Stalled and Closure of the Strait of Hormuz

The tension was escalated when Iran suspended peace talks that were to be resumed with Washington. The US authorities had previously indicated that talks would go on in a few days. Nevertheless, the United States was accused by Iranian leaders of making a surprise military operation.

In the last two days, there have been a number of developments in the region. Iran also asserted to have shut down the Strait of Hormuz, one of the most critical international shipping routes. The US reacted by intercepting and seizing an Iranian-flagged cargo ship.

President Donald Trump said that the ship was trying to avoid a naval blockade. The interception was the first significant enforcement measure since the blockade started last week. Iran refuted the allegations that it had accepted to discontinue uranium enrichment program.

Trump threatened that a lack of a deal in the near future would have a severe impact on the interests of Iran. The two parties accused each other of breaching the terms of the ceasefire. The growing mistrust was a cause of concern on the long-term instability in the area.

Can Ethereum Price Break $2,500 as ETF Inflows Surge?

Ether price has risen by 0.69% in the last 24 hours to hit $2,320. The asset continues to trade above the important $2,300 support threshold. Breaking this level might create a way to the resistance of $2,500. But falling under $2,300 with the next target at $2,100.

The institutional demand also intensified on a number of crypto investment products last week. Net inflows in the Spot Ethereum exchange-traded funds amounted to 276 million. 

Solana spot ETFs recorded $35.17 million in fresh capital during the period. Spot ETFs that invest in XRP experienced net inflows of $55.39 million.

Bitcoin spot ETFs recorded meanwhile a three-week streak of inflows of 996 million on April 13 through April 17.

XRP Price Holds $1.40 — Is a Break Toward $1.50 Next?

The XRP has been growing by 1.10% in the last 24 hours and it is currently trading at an average of $1.41 in the last few sessions. The token has recorded a steady recovery of almost 6% within the last week. 

The price of XRP was still hovering over the major level of support at $1.40 even though the market was on alert.

Meanwhile, Ripple’s Chief Technology Officer delayed plans for an RLUSD DeFi bridge rollout. He mentioned the possible structural risks that are similar to those that have been witnessed in KelpDAO models. 

The United States and Iran also had geopolitical tensions that burdened the investor sentiment. Fears of the Strait of Hormuz being closed pushed a wary attitude throughout crypto markets.

With XRP price continuing to be strong at levels above $1.40, analysts are projecting opportunities up to $1.45 and $1.50. Falling below $1.40 would reveal $1.35 particularly when the next Federal Reserve meeting indicates a tightening policy.