The cryptocurrency market was hit with a notable downturn Wednesday as US President Donald Trump announced a host of new tariffs. One token that could be immensely affected is Ripple, as experts predict XRP could fall 68% amid a bearish outlook derived from the market’s ‘Liberation Day’ drop.
The increasingly concerning macroeconomic outlook for April has sent several cryptocurrencies into a tailspin. Indeed, even Bitcoin has dropped more than 1.2%, with the asset looking to stay above the $81,000 mark. Now, all eyes are on how these assets will respond as the geopolitical situation gets even more concerning.
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Ripple Faces Continued Drop as XRP May Fall to $1
It has been a rather interesting month for the cryptocurrency market. Although the United States has entered the year seeking an overhaul of crypto policy, economic factors have stagnated prices. Indeed, the year could see regulatory shifts define the industry, while geopolitical tensions hold value down.
One asset that could be set to struggle mightily is Ripple, as XRP faces a 68% drop and increasingly bearish outlook amid US President Donald Trump’s ‘Liberation Day’ tariff plan. The entire crypto market has turned red as certainty has become the norm for traders this year.
Also Read: Is XRP Set for a 79% Surge? Analysts Eye $3.90 Target
The introduction of tariffs triggered $19 million in liquidations over the last day. Moreover, XRP is now facing a critical $2 support. Indeed, the token fell to the $1.9 level Thursday, dropping more than 7.3% over the last 24 hours, according to CoinMarketCap.
Many are concerned that the fall will only continue. Specifically, experts have identified a descending triangle on the asset’s daily chart. Subsequently, the crypto’s price could drop even further with a continuing sell-off. Ultimately, it could settle at $0.62 lows if it fails to regain the $2 mark soon.
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