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Uptober Falters as Iran-Israel Conflict Contaminates the Crypto Ecosystem

Patricia Arquette

Oct 08, 2024 pm 03:12 PM

solana XRP Israel Iran Uptober

Uptober, a joyful tradition in the crypto ecosystem every October, seems to be faltering due to conflicts between countries. The reason is, that since Iran attacked Israel the crypto market has turned red, and so have Solana price and XRP.

Uptober Falters as Iran-Israel Conflict Contaminates the Crypto Ecosystem

The joyful tradition in the crypto ecosystem, known as "Uptober," seems to be faltering due to conflicts between countries.

After Iran attacked Israel, the crypto market turned red, and so did Solana (SOL) and XRP prices.

In early October, Iran launched an attack on Israel, which had a significant impact on the investment world, including the crypto ecosystem. As news of the conflict between the two countries escalated, the majority of crypto prices immediately went into the red, including Solana and XRP.

Coinglass data showed that over $351 million was withdrawn from the market in the last 24 hours at the time of the reported Iran attack.

This institutional money, which is used as a reference for market participants, is quickly leaving the market, which is a worrying sign for crypto prices, especially for a joyful tradition like "Uptober."

Now, let's analyze the current prices of XRP and Solana (SOL). These two tokens are known to be strengthening, especially XRP, which is currently pushing its ETF project. However, it can be seen that the price of XRP to USDT is still showing red.

XRP still seems to be responding negatively to the existing conflicts. The current price of the token is $0.5300, showing a decrease of -0.6%. The RSI indicator is seen in a free-fall at 36, which means that if it falls again, then there will be overselling and XRP bearishness will certainly occur.

However, XRP's MACD line is struggling to rise through the boundary line. If XRP can prove its strength, the line can rise and the bearish trend will be broken, replaced by a bullish trend.

Meanwhile, SOL to USDT was also showing a decrease, similar to XRP, with a decline of -0.5%. Currently, Solana is trading at $143.63, having previously reached its highest price of $144.38 in the last 24 hours.

However, Solana still shows a stable situation. The RSI indicator is still at 46, which means that even though the selling trend is more dominant than the buying trend, there is no excessive selling.

The MACD indicator is below the limit line, but looks like it is trying to return above. Solana still has a possible bullish trend.

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