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XRP (XRP) Price: Crypto Markets Turn Red as Trump Tariffs Spark Massive Sell-Off
The cryptocurrency market experienced a drastic sell-off in the early hours of Monday, with XRP being one of the most severely impacted assets. The token plummeted over 20% in a 24-hour period, falling to $1.70 and breaking below its critical 200-day moving average support level.
Bitcoin fell below the psychological barrier of $75,000 as part of this broader crypto market decline. This sell-off is directly linked to President Trump’s recent tariff policies. The introduction of 25% tariffs on imports from Canada and Mexico, along with a doubled 20% levy on Chinese goods, has sparked retaliatory threats and increased market uncertainty.
China is reportedly considering front-loaded stimulus measures to counter these tariffs, which are adding to market jitters and prompting investors to flee risk assets. Many traders are moving capital to traditional safe-haven assets such as gold, the Japanese yen, and the Australian dollar due to concerns about an “economic nuclear war.”
This tariff situation has created volatility across all financial markets, not just cryptocurrencies. Global equities have also seen significant drops, with some predicting that Monday could be “ugly” for stock markets.
Experts anticipate that the market decline may continue through the Asian day ahead of the U.S. market open. BTSE’s COO, Jeff Mei, noted that crypto markets tend to front-run stock markets over the weekend and expected additional dips once U.S. markets opened.
According to Mei, market recovery would depend on which countries can secure short-term tariff delays or deals. Smaller economies like Vietnam, Cambodia, and Taiwan have made concessions, but larger trading partners like Japan or China would need to reach agreements to restore market confidence.
SignalPlus’s Augustine Fan characterized the current price action as displaying bearish behavior, suggesting that “rallies are to be sold” and investors will need to accept this “new reality.”
The combined crypto market has lost approximately $1.3 trillion in value since January, with Bitcoin down from its recent high of nearly $90,000 last week. The next key support level for Bitcoin lies around $72,000, which marked the pre-election high according to BTC Markets’ Charlie Sherry.
While long-term charts may suggest that Bitcoin has broken out against global equities, catalysts for recovery appear limited at this time, and risk management will likely dominate until global markets stabilize.
One thing is certain: market volatility will continue as traders and investors navigate this period of macroeconomic uncertainty and tariff-related tensions.
Source: https://blockonomi.com/xrp-xrp-price-crypto-markets-turn-red-as-trump-tariffs-spark-massive-sell-off/
