Ripple: XRP Keeps Falling like Humpty Dumpty
XRP’s bearish run is part of a correction that started on March 3 as President Trump rattled the crypto market with trade tariffs on its major trading partners.
The token has lost about 9% of its value for the day. XRP lost its 3rd position on crypto assets valuation raking to tether. The fourth most valuable crypto asset by market valuation is now worth $137 billion
President Donald Trump claimed that the purpose of the higher tariffs was to put pressure on China to stop the flow of illegal drugs, especially fentanyl, into American territory.
Trump also imposed 25% tariffs on Canada and Mexico and demanded that both countries tighten border controls. In addtion, significant liquidations in the derivatives market coincide with XRP’s decline, indicating intense selling pressure.
According to Coinglass data, leveraged XRP positions worth $51 million were liquidated today. In the last 24 hours alone, over $43 point 25 million worth of long XRP positions were liquidated, while $7 point 75 million worth of short liquidations took place. When long positions are liquidated, bullish traders are compelled to sell.
The token struggled to maintain psychological support at $2.4 amid weak risk appetite. The recent range low at $1.8 and the support level at $1.5, where the 200-day SMA is presently located, are potential targets for XRP’s further decline.
the resistance at $2.5 must be turned into support for Ripple’s token to turn bullish A bullish bounce above $3.00 will be possible if the bulls can crack the $2.8 resistance line.
Price volatility, regulatory issues, and shifting investor sentiment have all plagued XRP over the years.
However, market patterns on a long-term spectrum, make a strong case of hope for Ripple bulls. The token oscillated at $2.35, up over 325 percent in half a year.XRP is still 34 percent below its peak, allowing for potential future growth amid recent market correction
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