Key Notes
- XRP price has dropped below the key support level at $1.7.
- A major tariff scare impacts The digital currency alongside the broader market.
- The ecosystem remains hyped as the Coinbase XRP futures launch may rebuild sentiment.
XRP
XRP
$1.77
24h volatility:
15.6%
Market cap:
$103.18 B
Vol. 24h:
$10.81 B
price is in the spotlight as the crypto ecosystem faces an extended selloff due to President Donald Trump’s tariff policies.
XRP price has fallen below a key support level at $2 as bulls capitulate. With market uncertainty growing, many traders fear what could become another historic Black Monday event.
XRP Breaks Below Key Support Level
Over the past week, the XRP price fell to a new multi-month low of $1.640, breaching the $1.7 support zone.
The breakdown shows a loss of strength in the asset’s market resilience, forming a Loss of Key (LOK) support.
Data from CoinGlass reveals a significant spike in liquidations, with over $67.7 million in open XRP positions being wiped out. Of this, $58.11 million were long positions, increasing sell-side pressure and lowering the XRP price.
At the same time, XRP’s open interest has fallen below $3 billion, and funding rates have turned negative. This suggests a bearish market sentiment, as short sellers betting on further price declines are outpacing long buyers.
In addition, on-chain data also showed a decline in active wallet addresses, suggesting a drop in user activity. Lower participation can weaken recovery attempts, especially during periods of strong market selling.
This current bearish price direction aligns with the position shared by legendary trader Peter Brandt. He disclosed that an XRP drop to $1 was brewing if it lost support at this critical support zone.
Source: TradingView
With the Relative Strength Index pegged at 30.79 and MA Cross showing a dead cross, XRP price may be due for a rebound.
Trump’s Tariff Remarks Spark Market Tension
Over the past few weeks, XRP price has long tested the $2 support zone, a level triggered by the multi-week concerns around Donald Trump’s tariff war. While the coin has staged resilience, the pressure in the broader market has overpowered the bulls, fueling the negative correction.
While cryptocurrencies move independently, wider economic concerns often spill into digital markets. Trump’s position on tariffs has been viewed as a signal of more economic turbulence ahead, which is never good news for risk assets like XRP.
Meanwhile, the Black Monday talk follows a significant drop in the crypto market, with the total market cap falling by 9% to $2.4 trillion. At the same time, the US stock market is on track for one of its worst trading days, as the S&P 500 futures are down by 2.88%.
Still, Coinspeaker recently reported that Coinbase has filed its XRP futures submission with the US Commodity Futures Trading Commission (CFTC). The crypto exchange anticipates the futures product will go live on its platform by April 21.
Many experts are now speculating whether this approval could significantly change XRP’s price direction. The coming days will be critical for the fourth-largest cryptocurrency globally.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
