Bitcoin (BTC) and the cryptocurrency market have been negatively affected by the tension between Israel and Iran.
At this point, cryptocurrency markets fell sharply as investors reacted to renewed military activity in the Middle East and Israeli airstrikes on Iran led to broader risk aversion.
Bitcoin fell to $103,000 before recovering to $104,600, while Ethereum and altcoins also experienced significant declines.
ETH is down 8.8% in the last 24 hours, while XRP is down 5% and Solana (SOL) is down 9%.
However, one analyst said that despite the declines and rising geopolitical tensions, XRP and Solana are still seeing positive influence from corporate narratives and continue to attract institutional interest.
Speaking to Coindesk, Bitget Research Chief Analyst Ryan Lee said that XRP is attracting attention with its growing share in institutional treasuries.
At this point, Ryan Lee stated that companies such as Chinese company Webus International ($ 300 million), VivoPower ($ 121 million), Wellgistics ($ 50 million) and Trident ($ 500 million) are creating XRP buying pressure approaching $ 1 billion.
“The increase in institutional XRP treasuries is a sign of greater institutional adoption of XRP due to its low-cost, high-speed payment capabilities.”
At this point, Lee said that regulatory clarity around XRP and ETF speculations could push XRP to $5 by mid-2025. However, Lee added that downside risks for XRP also remain.
Interest in Solana (SOL) Continues!
Ryan Lee, who also outlined his Solana estimates, said institutional interest in Solana remains buoyant, as SOL benefits from solid network fundamentals and ETF demand, with data pointing to further gains.
Solana rose to around $165, supported by over $1.2 billion in Q1 execution revenue and increased open interest in the futures markets, Lee noted.
This signals renewed confidence in Solana among both retail and institutional players.
At this point, the analyst stated that if the current momentum in Solana continues, the SOL price could rise to the $200-250 range or even exceed $300.
*This is not investment advice.
