The cryptocurrency XRP has sharply declined, dropping to $2.74 after peaking at $2.92—erasing roughly $18 billion from its market capitalization since slipping below the critical $3 threshold.
This downturn coincides with a broad-based selloff across the crypto market. Total cryptocurrency market capitalization fell by over 2% in the past 24 hours, settling at $3.85 trillion, with most major digital assets affected. XRP was among the hardest hit, shedding 2.9% in value.
The sell-off intensified following former U.S. President Donald Trump’s announcement of new tariffs on imported, non-domestically manufactured pharmaceutical products—an unexpected policy move that stoked investor anxiety and added downward pressure across financial markets.
Technically, XRP failed to hold key support levels after breaking below its 30-day moving average at $2.7625. The Relative Strength Index (RSI) has plunged to 24.43, placing the asset deep in oversold territory and signaling a likely continuation of the short-term bearish trend.
Although the U.S. Securities and Exchange Commission (SEC) recently approved the first XRP-based exchange-traded fund (ETF)—a potentially bullish catalyst—its positive impact has been muted. Lingering global economic concerns and Federal Reserve Chair Jerome Powell’s recent warnings about elevated asset valuations have reinforced risk-off sentiment, prompting investors to pull capital from high-risk assets like cryptocurrencies.
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