The cryptocurrency market faced severe turbulence today as XRP plummeted from $2.20 to $1.75, marking a dramatic 20% decline amid widespread market turmoil triggered by President Trump’s sweeping tariff announcement. This price movement coincides with broader crypto market instability that has sent Bitcoin below $75K.
Global Markets Reel from $1.65 Trillion Wipeout
According to crypto analyst Oscar Ramos, U.S. stock markets hemorrhaged approximately $1.65 trillion following Trump’s announcement of worldwide tariffs. The ripple effects quickly spread to cryptocurrency markets, with Bitcoin plunging from $88,000 to $77,000 in a matter of hours.
XRP Liquidations Reach Critical Levels
The market turmoil triggered a cascade of forced liquidations, with XRP-specific liquidations reaching $21 million. Long positions accounted for $15 million of the total, while short positions contributed $6 million to the liquidation event.
Technical Analysis Points to Further Downside
The formation of a bearish ‘Three Black Crows’ pattern on XRP’s daily chart suggests additional selling pressure may be imminent. RSI readings remain above oversold territory, indicating potential for further decline toward the $1.50-$1.60 support zone.
Strategic Outlook and Market Implications
Despite the launch of Ripple’s new RLUSD stablecoin on Kraken, market sentiment remains bearish. Technical analysis suggests key support levels will be crucial for any potential recovery.
FAQ Section
What caused the XRP price crash?
The crash was primarily triggered by President Trump’s announcement of global tariffs, which caused widespread market panic across both traditional and crypto markets.
What are the key support levels for XRP?
Current technical analysis identifies $1.50-$1.60 as the next major support zone, with $1.75 serving as immediate resistance.
How does this affect the broader crypto market?
The market-wide impact has resulted in over $500 million in total liquidations, suggesting potential for continued volatility across all major cryptocurrencies.