XRP leads crypto market rally as Iran-Israel’s tentative ceasefire lifts sentiment

Crypto markets bounced back in early Asian trading hours on June 24, sparked by US President Donald Trump’s announcement that a ceasefire had been reached between Israel and Iran.

On June 24, Trump posted on Truth Social:

“CONGRATULATIONS TO EVERYONE! It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE.”

This unexpected development helped reverse losses in the crypto market and triggered a swift surge in the value of major digital assets.

According to CryptoSlate’s data, Bitcoin led the rebound, rising 3% to reclaim levels above $105,000, a few days after briefly dipping below the $100,000 threshold.

Other top 10 digital assets by market capitalization posted even stronger gains, with Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) climbing 6% to $2,417, $0.58, and $0.16, respectively.

Notably, Solana (SOL) and XRP outperformed the broader market, climbing over 7% each. Solana touched over $144, while XRP traded at $2.18 as of press time.

Meanwhile, the sudden price spike caught many short sellers off guard, and over $370 million worth of short positions were liquidated across the crypto market.

Crypto Market Liquidation Heatmap (Source: CoinGlass)

Traders betting against Ethereum suffered the most, with liquidations topping $119 million. Losses from short positions in major altcoins like Solana, XRP, and Cardano added more than $40 million to the tally.

Market analysts say the rapid response highlights how closely digital assets react to geopolitical events.

Valentin Fournier, a lead analyst at BRN, told CryptoSlate that Trump’s ceasefire claim shifted investor sentiment almost instantly, even though neither country involved had issued formal confirmation.

Fournier cautioned that while markets are rallying on the ceasefire news, similar truces have historically been short-lived. Still, he noted that the sharp rebound shows fear may have reached its peak and that many altcoins could be poised for further gains if tensions remain contained.

He noted:

“Our overweight on Solana paid off, as it outperformed both BTC and ETH, confirming its role as a high beta leader in recovery phases.”

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