Ripple’s XRP Melts Under President Trump’s Tariff
The ripple-based token dropped to its session lows on Wednesday after President Donald Trump announced his intention to impose a 25 percent tariff on the European Union.
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“We have decided on a course of action and will make the announcement shortly. President Trump declared, “It will be 25 percent.” Market optimism around XRP appears to have been dampened by Trump’s plans for EU tariffs. XRP traded at $2.16 at publication, down 18% in 7 days.
XRP price has been bearish since the start of February due to high geopolitical uncertainty amid weak risk appetite in the financial space.
Although the altcoin recently ran into significant resistance at $2.25 and found bullish support at $2.15, technical indicators now indicate that this balance may soon shift in favor of the bears, opening the door for a potential decline in XRP. Price action indicated that XRP is currently experiencing a bearish trend.
XRP’s bearish stance could be strengthened if a break below the $2 support initiates a new decline. The asset’s value may fall to $1.8 Ripple bulls can’t hold this level. The drop might reach $1.148 if selling picks up steam at this point.
Nonetheless, there has been some encouraging news about XRP. ETF. com reported on Monday that the Hashdex Nasdaq XRP Fund had entered a so-called pre-operational phase with Brazil’s Comissão de Valores Mobiliários (CVM), marking the first spot XRP exchange-traded fund (ETF) to be registered by the country’s securities regulator.
U. S. XRP ETF applications are currently being examined by regulators. A possible approval might cause institutional demand for XRP to increase more quickly if the adoption of bitcoin (BTC) and ether (ETH) ETFs is any indication,
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