xrp-usd
Olumide Adesina•Sunday, February 2, 2025•2 min read
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The altcoin market saw heavy selling pressure on Sunday morning, which caused the entire cryptocurrency market to turn red. XRP broke below the $3 market as whales began selling their holdings.
The third-largest cryptocurrency by market valuation failed to reach new heights amid weak risk appetite catalyzed by Trump’s tariffs.
Along with Bitcoin and the digital market space, it depreciated over the weekend and has fallen precipitously. Its price dropped more than 800 basis points daily from top to bottom, reaching a 6-day low of $2.82
Even though XRP has gained some ground and is trading at nearly $2.9, it is still down over 4% for the day. Along with the rest of the market, the cross-border token has also corrected because whales reversed their hold strategy.
These significant market players amassed billions of dollars’ worth of XRP making them one of the main drivers of the cryptocurrency’s rise since the elections.
However, they have reversed course and sold $70 million worth of XRP last week; whales are especially significant because they can influence market movements through their significant buys or sell-offs.
President Donald Trump signed an executive order imposing import tariffs on goods from Canada, Mexico, and China. The three countries have already retaliated against the imposed tariffs, and there is disagreement within the crypto industry regarding how this will impact the larger market. As per a Feb. According to one White House statement,
“Trump is enacting an additional 25% tariff on imports from Canada and Mexico and an additional 10% tariff on imports from China.”. Canada’s energy resources will be subject to a 10% tariff reduction. “
Tariffs increase inflation, which could result in higher interest rates. Generally, investors gravitate toward more conventional assets like bonds and term deposits rather than riskier ones like crypto assets.
Prime Minister Justin Trudeau of Canada declared in a press conference shortly after Trump’s announcement that he would impose a 25 percent tariff on $106.5 billion worth of US goods.
The World Trade Organization will receive a complaint from China’s Ministry of Commerce amid plans to “take corresponding countermeasures Mexican President Claudia Sheinbaum directed the Secretary of Economy to “execute plan B,” which consists of “tariff and non-tariff measures in defense of Mexico’s interests.”.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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