Why is XRP price down today?
XRP has seen a dramatic decline of over 20% in the past 24 hours, dropping to around $2.30 as of February 3. This downturn follows U.S. President Donald Trump's announcement of new tariffs on imports from Canada, Mexico, and China, triggering panic in the markets as fears of a global trade war rise. Many investors are shifting from riskier assets like cryptocurrencies to safer ones, causing a wave of cryptocurrency liquidations, with approximately $2.5 billion in positions liquidated in just one day. The sharp decline in XRP's price led to mass sell-offs as stop-loss orders were triggered. However, XRP managed to bounce back from a crucial support area, hinting at a possible bullish reversal. This support zone between $1.77 and $2.00, coupled with the 200-day Exponential Moving Average at around $1.60, may provide a foundation for recovery, with future price targets potentially reaching $3. Analysts suggest that if XRP falls below $1.95, it could drop further toward $1.60.
Source 🔗