XRP Price Falls Below $2 Amid Market Selloff and Tariff Tensions
XRP's price is declining amid market selloff linked to President Trump's tariff policies.
XRP Price Movement
- XRP price fell below $2, reaching a multi-month low of $1.640.
- Significant loss of support at $1.7 has been noted, indicating bearish market sentiment.
- Over $67.7 million in XRP positions liquidated, with $58.11 million from long positions.
- XRP's open interest dropped below $3 billion; funding rates have turned negative.
- A decline in active wallet addresses suggests reduced user activity.
- Trader Peter Brandt predicts a potential drop to $1 if current support fails.
Source: TradingView
Market Influences
- Wider economic concerns from Trump's tariff remarks are impacting crypto markets.
- Total crypto market cap dropped by 9% to $2.4 trillion.
- S&P 500 futures down by 2.88%, indicating broader stock market tension.
- Coinbase filed for XRP futures with the CFTC, expected to launch by April 21.
- Approval of XRP futures could influence price movement in the near future.