XRP, a popular cryptocurrency, has recorded a significant decline, falling by 6.36% to a level of $2.95. This decline is attributed to various economic factors, including new tariffs and general market tension.
XRP's Decline and Its Reasons
XRP began the day with a price reached $3.15, but soon faced steady pressure, leading to a drop below the $3.00 mark. The lowest price of the day was $2.95. This decline is related to increased investor concerns caused by the new US trade tariffs.
Impact of Tariffs on the Crypto Market
The new tariffs, which are raised between 15% and 40%, affect more than 70 countries and impact various sectors, including the cryptocurrency industry. The situation is exacerbated by a 50% tariff on copper, a critical material for technology, which leads to rising consumer prices.
Current Market Situation and Consequences
The overall trading volume of XRP increased to $7.62 billion, an 18.33% rise. However, this increase is linked to liquidation rather than new inflow. Overall, the crypto market saw almost $632 million in liquidations, with more severe losses for altcoins compared to Bitcoin.
The decline of XRP is tied to mounting market uncertainty driven by new tariffs and economic caution. This demonstrates that altcoins remain vulnerable to external shocks.
