Key Points
Cryptocurrency valuations are seeing bullish momentum, and XRP's token price is rising in tandem.
New reports have investors betting that an end to the war with Iran could be negotiated before long.
XRP is down more than 60% from its peak even with today's surge, but the cryptocurrency is still a high-risk play.
10 stocks we like better than XRP ›
XRP (XRP+2.77%) is surging in Wednesday's trading. As of 1:40 p.m. ET, the cryptocurrency's token price had jumped 5.4% over the past 24 hours. Meanwhile, Bitcoin was up 6.6% over the stretch, and Ethereum had gained 7.8%.
Valuations for cryptocurrencies and stocks are rapidly moving higher today in response to new information suggesting that the U.S. and Israel's war with Iran could draw to a close earlier than previously expected. The New York Times reported this morning that Iran's Ministry of Intelligence had indicated to the CIA that it was open to discussions that could end the war.
Is XRP a buy right now?
The recent swell of conflict in the Middle East has created fears that elevated oil prices and supply chain disruptions could cause inflation to accelerate. If inflation picks back up, the Federal Reserve will be less likely to cut interest rates. In turn, positive momentum for the crypto market could face significant pressures.
Even with today's pop, XRP is still down roughly 62% from the peak it hit last year. For long-term investors who are bullish on the token, there's still a lot of upward room in a potential rebound trade. Cryptocurrencies have seen a dramatic valuation pullback since last summer, but recent bullish momentum doesn't necessarily mean that a new pricing floor has been established.
Should you buy stock in XRP right now?
It’s a bold claim, but the numbers speak for themselves. Stock Advisor has recommended over 35 different stock recommendations that have become "10-baggers"—meaning they’ve increased by 1,000% or more. Consider when Netflix made this list in 2004; if you invested $1,000 then, you’d have $526,889!* Or when Nvidia made the list in 2005; a $1,000 investment then would be worth $1,103,743 today!* Even more recent picks have seen incredible momentum, like our 2012 recommendation of Tesla which is up 18,388%, or our 2020 pick of CrowdStrike which has already climbed 308%.*$XRP
