XRP is testing a crucial support level at $1.98 as market volatility intensifies across the cryptocurrency sector. With a current market cap of $115 billion and daily trading volume of $10.50 billion, XRP has experienced a 7.7% decline over the past 24 hours amid broader market uncertainty.
Bitcoin Volatility Triggers Altcoin Market Pressure
The recent Bitcoin price action, which saw BTC surge to $81,700 before experiencing a sharp correction, has created ripple effects throughout the altcoin market. As noted in recent market analysis, Trump’s global tariff announcements have contributed significantly to the current market instability.
Technical Analysis Points to Potential Breakout
Crypto analyst Egrag Crypto has identified a critical testing period for XRP, projecting a possible decline to the $1.90-$1.79 range before a significant upward movement. This analysis suggests a potential 70% rally could materialize if these support levels hold, aligning with previous technical indicators showing signs of a market reversal.
Macroeconomic Factors Influence Market Sentiment
The cryptocurrency market faces additional pressure from recent political developments, particularly the implementation of new tariffs by former President Trump. These economic policy shifts have created uncertainty across global markets, affecting crypto assets including XRP.
FAQ Section
What is the current XRP support level?
XRP is currently testing support at $1.98, with secondary support levels at $1.90 and $1.79.
What is the potential upside target for XRP?
According to analyst projections, XRP could target the $2.80-$3.00 range following a successful test of support levels.
How do macro factors affect XRP price?
Global economic policies, particularly recent tariff announcements, have created market uncertainty affecting XRP and other cryptocurrencies.
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