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In the last seven days, the XRP market has experienced a serious drop of 4%. In the last 24 hours alone, the market has declined by over 2.9%. The big question now is: Why XRP is Dropping Today.
Key Reason Why XRP is Down Today
On February 10, the newly indicted US government, led by President Donald Trump
Donald Trump
Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
President
increased tariffs on steel and aluminium imports to 25%, emphasising his commitment towards supporting the struggling industries in the country.
There are many reasons to believe that the entire cryptocurrency market, especially top cryptos like XRP, has suffered the impact of Trump’s aggressive tariff plan targeting the global aluminum and steel business ecosystem.
A day before the announcement, the XRP market slipped by over 0.72%. At a point on February 10, the market touched as low as $2.3232.
Trump’s Economic Decisions and XRP’s Price
On the first day of this month, the US president announced his plan to impose import tariffs on Canada, Mexico and China. Almost all the major sectors, including the crypto, suffered the immediate impact of the decision.
At the start of February 1, the price of XRP was $3.0364. In the first two days of the month alone, the XRP market declined by nearly 15.02%. On February 3, the White House shared its decision to briefly pause the proceedings to impose import tariffs against its neighbours.
However, China aggressively reacted to the US’ provocative trade policy, declaring a 15% counter-tariff on selected US goods. Between February 4 and 6, the XRP market plummeted by approximately 13.87%.
Precisely, between February 1 and 6, the market declared by not less than 23.41%.
Notably, the market has not yet recovered from this aforementioned correction caused by the Trump administration’s early February trade policies.
Also Read : XRP Price Prediction For February 12 ,
XRP Technical Analysis
The 50-day SMA of XRP stands at $2.4114; the 100-day SMA at $2.1684; and the 200-day SMA at $1.3641.
Currently, the price of XRP remains at $2.4145. In the last 24 hours alone, the market has declined by over 2,9%.
The 14-day RSI of the XRP market is approximately 38.61. The market’s RVI value remains at 51.29.
The ATR of XRP is approximately 0.2331. Meanwhile, the stock indicator shows that %K remains at 46,35 and %D at 45,99.
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