XRP comes under immense pressure, falling towar

• XRP comes under immense pressure, falling toward $2.09 as Israel and Iran escalate conflict.
• Ripple and the SEC file a joint motion requesting the release of $125 million held in escrow.
• The SEC would be paid $50 million as a settlement, with the remaining funds returned to Ripple.

Ripple’s (XRP) price is currently trading at around $2.14 at the time of writing on Friday as investors in the crypto market navigate the sudden spike in volatility triggered by geopolitical tensions in the Middle East. The sudden sharp price drop below support at $2.20, caused massive liquidations as the futures contracts Open Interest (OI) plunged.

The decline in the XRP price comes hot on the heels of the conflict between Israel and Iran. Israel launched an attack on Iran, targeting the country’s nuclear facilities, ballistic missile factories and military commanders on Friday, according to a report by Reuters. 

Iran immediately responded to the attack, launching drone strikes on Israeli territory, prompting Israel to declare a state of emergency.