Why Is Ripple’s Price Down Today and What’s Next for XRP?
Ripple’s native cross-border token joined the rest of the cryptocurrency market in an early Monday morning price correction, dropping below $2.00 for the first time since January 2.
Moreover, the token plunged to its lowest price since the start of the year at $1.84 before recovering some of the losses to the current $1.97. This means that the asset had dumped by over 23% since its January 6 high of $2.41.
XRPUSD Jan 19. Source: TradingView
Naturally, the most probable reason for this price calamity appears to be related to the growing geopolitical tension between the US and the European Union. As explained over the weekend, eight EU countries sent troops to Greenland for a reconnaissance mission after US President Trump reasserted the importance of his country purchasing the island.
The POTUS responded with a new set of tariffs against the nations that sent military personnel, while the EU held an emergency meeting and French President Emmanuel Macron urged the bloc to use its “trade bazooka,” which has never been employed before.
The crypto markets remained flat over the weekend when most of these developments unfolded, but headed south hard on Monday morning when the Asian and some futures markets opened. BTC tumbled from over $95,000 to under $92,000 before it recovered some ground.
Most altcoins were hit harder, and so was XRP. CryptoWZRD warned that Ripple’s token closed bearish against BTC, following the market’s decline due to the tariff impacts. The analyst warned that XRP needs to hold above $1.975 “to gain further upside momentum,” which is the exact area the token is testing now.
The post Why Is Ripple’s Price Down Today and What’s Next for XRP? appeared first on CryptoPotato.
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