On Wednesday, XRP dropped below the critical $2 mark, retesting the $1.96 level as the crypto market faced heightened volatility. The sudden downturn in the market erased gains from the past three days, with over $450 million in crypto futures liquidated in the last 24 hours amid the impact of new U.S. tariffs.
The market shakeup follows President Donald Trump’s decision to impose a 25% tariff on auto imports and at least a 10% tariff on all exporters to the U.S., adding pressure to already fragile investor sentiment.
According to an analyst, XRP continues to show signs of a bearish divergence, a pattern that has been developing for months, suggesting the potential for lower prices. However, zooming into the 8-hour timeframe, there’s evidence of a short-term bullish divergence—a slight upward movement in price with choppy sideways action.
Currently, XRP is facing strong resistance between $2.24 and $2.30, with a recent rejection at around $2.24. This level has been a consistent barrier, preventing XRP from gaining momentum.
For support, the key zones are between $1.95 and $2.05. If XRP holds above this range, there could be a chance for a mild relief rally or a sideways price movement in the coming days. However, even with a short-term bullish divergence, XRP may struggle to break through resistance without stronger market catalysts.
XRP is dropping due to market volatility, U.S. tariff concerns, and large liquidations affecting overall crypto sentiment.
A short-term bullish divergence hints at a possible relief rally, but strong market catalysts are needed for sustained recovery.
Tariffs increase economic uncertainty, causing investors to move away from risk assets like crypto, leading to market-wide sell-offs.
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