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XRP opened the week on a positive note after the head of the International Energy Agency launched efforts aimed at reducing reliance on the Strait of Hormuz. The XRP/USD exchange rate was up 1.61% ahead of the European session open on Monday, trading for as high as $1.41. However, that level was still down 6.40% from last week’s high of $1.51.
International Energy Agency Executive Director Fatih Birol proposed a new oil pipeline linking Iraq’s Basra oil fields to Turkey’s Mediterranean terminal in Ceyhan, according to Hurriyet, as renewed disruption in the Strait of Hormuz revived concerns over global energy supply.
Tensions escalated after US forces intercepted and seized an Iranian-flagged cargo vessel near the Strait. US Central Command said it had disabled another ship accused of violating Washington’s naval blockade of Iranian ports.
Iran also reimposed restrictions on vessel traffic through Hormuz, prompting several LNG tankers to reverse course after warnings that the waterway was again closed to maritime traffic.
The renewed supply risk weighed on market sentiment over the weekend, with XRP falling 6% and WTI crude rising 5.24% in the period.
Birol said Iraq remains heavily dependent on Hormuz to export crude from Basra, where oil reserves are estimated at around 90 billion barrels. The southern Gulf hub accounts for roughly 90% of Iraq’s total oil exports, highlighting the strategic importance of alternative routes.
Cardano founder Charles Hoskinson said XRP holders have no legal share in Ripple’s corporate success. In an interview with crypto commentator Wendy O, Hoskinson argued that owning XRP does not equate to equity in Ripple Labs, noting the company originally controlled 70–80% of the token’s supply.
He said proceeds from Ripple’s escrow sales and business expansions, including acquisitions and partnerships, belong solely to the company and its shareholders, not token holders. Hoskinson compared the structure to Tether, where users gain utility while corporate profits remain centralized.
The remarks have reignited tensions with the XRP community over tokenomics and value accrual.
As of April 20, XRP was still struggling to close above its 100-period exponential moving average on the two-week chart, a level that has repeatedly capped rebound attempts in past cycles. That same EMA acted as resistance in September 2022, ahead of a 43.6% decline, and again in February 2020, when XRP fell 58.75%.
The current setup is starting to resemble those earlier breakdowns. Failure to reclaim the 100-period EMA near $1.42 increases the risk of a deeper correction, with the 200-period EMA near $1.00 now emerging as the next major downside target.
If the pattern continues, the broader sell-off could stabilize only near long-term ascending trendline support, currently in the $0.80 to $1.00 area.
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