XRP and the broader crypto market are experiencing massive selling pressure, causing prices to drop to levels last seen in 2024.
For instance, in the last 24 hours, XRP has plummeted by over 33%, falling from a high of $2.92 to a low of $1.95, its lowest price since December 20, 2024. Notably, XRP traded as high as $3.13 just two days ago.
Meanwhile, XRP isn’t alone in this major downturn. Bitcoin also dipped to $91K after trading at $100K just two days ago. Other altcoins, like Dogecoin and Shiba Inu, have fared even worse, posting nearly 40% losses.
Notably, crypto market commentators have pointed to President Donald Trump as the reason behind this major downturn in XRP and other crypto assets.
Why Trump Is Blamed for the Crypto Market Dump
On February 1, 2025, Trump implemented significant tariffs on imports from Mexico, Canada, and China. Specifically, he imposed a 25% tariff on goods from Mexico and Canada while applying a 10% tariff to Chinese imports.
These measures are part of the administration’s strategy to address issues such as illegal immigration and drug trafficking.
In response, Mexico, Canada, and China have announced retaliatory tariffs and are pursuing legal challenges against the U.S. These actions have heightened concerns about a potential global trade war, leading to increased market volatility.
Amid this, Bitcoin crashed to a three-week low, nearly losing the $90K level. Meanwhile, XRP dropped to a seven-week floor, falling below the $2 mark after briefly approaching its all-time high in the $3 range just days earlier.
Analysts attribute these downturns to investor concerns over the escalating trade tensions and the broader economic uncertainties they create.
The Recovery Path for XRP
Despite the dip, many see it as an opportunity to buy XRP at a lower price before the next leg up. Calls to “buy the dip” have flooded the community, and many predict a massive comeback.
Numerous market commentators have suggested that the next bullish wave could drive XRP into the $4 price range.
Already, XRP has reclaimed the $2 mark, reestablishing itself there and now approaching higher levels. As of press time, XRP is trading at $2.34, a notable rebound of 20% from the low of $1.95.
However, the token is still trading at a 19% discount from the higher price it reached just 24 hours ago.
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