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.
Let’s take a closer look at SOL and XRP. The discussion will also include Solana pricing and XRP price now so you can find out what the condition of both of them is in real-time.
Why is October Special in the Crypto Ecosystem?
The Uptober tradition in crypto is not a traditional tradition which reflects the increase in crypto token prices. Apart from the volatile nature of crypto, various other factors can also make October a sad month for crypto token holders.
However, here are some reasons why October has been special in recent years for the crypto ecosystem.
1. Market Strengthening After Summer
June to September were indeed slow months for the crypto ecosystem. Starting from the price of Bitcoin, Solana, XRP, Ethereum, and various other crypto tokens experiencing price declines.
After the summer, conditions improved. One reason is that institutional investors return to the office after their holidays and interest in trading and investment has strengthened again.
2. October Becomes Encouragement
The end of October becomes a bridge to Q4 where investors begin to tighten their belts to welcome strong final results. Market activity also increased with crypto holders starting to strategize fully so that purchasing power becomes greater.
3. Movement of Various New Projects
Often various projects are presented in the final quarter of each year, ranging from large industries to new regulations welcoming the new year. This is why crypto prices often strengthen in October because there is new hope for the future.
Uptober Contaminated by Iran and Israel Conflict
Iran’s attack on Israel in early October shook the investment world, including the crypto ecosystem. When news of the conflict between the two countries heated up, the majority of crypto prices immediately went red, including Solana and XRP.
Uptober is widely doubted by crypto players. Coinglass data shows that more than $351 million was withdrawn from the market in the last 24 hours at the time of the reported Iran attack.
Current Solana and XRP Price Chart
Let’s analyze the current prices of XRP and Solana. These two tokens are known to be strengthening, especially XRP which is currently raising its ETF project. However, it can be seen that the price of XRP to USDT is still red.
XRP still seems to respond negatively to existing conflicts. The current price of the token is $0.5300 with a decline of -0.6%. The RSI indicator is in free fall at 36, which means that if it falls again then there is 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.
SOL to USDT was also the same as XRP, decreasing by a similar percentage, namely -0.5%. Currently, Solana is trading at $143.63, having previously reached its highest price of $144.58 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.
Conclusion
That is information about Solana and XRP regarding the Iran and Israel conflict. You have to be more careful in deciding to invest in the crypto ecosystem at times like now. Research must be further deepened.
Bitrue will help you to do detailed research. Real-time price checking is available to you for free and you can even convert prices from USD to XRP, SOL, BTC, ETH, and prices of every other crypto token. That way, you can understand better how to buy SOL, XRP, and other crypto tokens.
Tentang Bitrue
Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.
This press release has also been published on VRITIMES
