Can XRP Price Hold $1.35? Analysis of Massive Crude Oil Release Impact

Today's crypto market sentiment is influenced by the dramatic fluctuations in the global energy market, with Brent crude oil prices experiencing a rare reversal within a single day. Previously, affected by the escalation of the Middle East situation and potential disruptions to transportation through the Strait of Hormuz, oil prices had surged nearly 30%, approaching $120 per barrel. However, with the news that G7 countries plan to release up to 400 million barrels of strategic oil reserves, US oil prices plummeted $15 in two hours, falling back below $104, and market risk aversion quickly cooled.

Against this backdrop, XRP price has entered a correction cycle since hitting a high on March 4, presenting a continuous pattern of lower highs and lower closes. However, the recent price has shown clear signs of support in the $1.34 to $1.35 range, entering a narrow range-bound pattern, indicating that buyers are trying to stabilize the situation. In terms of technical indicators, the 14-period Money Flow Index (MFI) has rebounded to 44.58, shaking off the oversold state below 20 on March 7, indicating that market momentum is gradually recovering. At the same time, the Accumulation/Distribution Line remains near the 26.1 billion level. Although the price has fallen back from $1.47, there has been no large-scale outflow of trading volume, suggesting that there are strong holders accumulating chips at low levels. If the price can effectively break through $1.36 and close firmly, it may open a new round of upward channel, with a target potentially pointing to $1.50. Conversely, if the key support of $1.34 is lost, it may test the main support level of $1.30. Overall, XRP's short-term trend is closely related to the fading of the global energy risk premium, and the market is awaiting a clear directional signal.