XRP Reclaims $1.22 on Market-Wide Risk-On Rally

XRP's price has rebounded to $1.22 after a reported Iran truce pulled geopolitical risk premiums out of markets, sending Bitcoin and Ethereum prices higher as well.

The rally is attributed to market-wide risk-on sentiment rather than any XRP-specific news or developments.

The bounce is seen as a relief rally, riding the coattails of Bitcoin's price move, with correlations between assets at an all-time high.

XRP's 2.94% gain is in line with major cryptocurrencies like Bitcoin and Ethereum, indicating that this is a market beta-driven move rather than a token-specific story.

The reclaimed support level around $1.18-$1.20 is seen as significant, marking the shelf XRP lost in early June and taking back today.

A daily close above this level keeps the bounce alive and turns the zone from overhead resistance to a floor.