Panic selling has caused a 5.63% decrease in XRP price over the past twenty-four hours. On April 2, President Trump’s latest tariff package sent the entire cryptocurrency market into panic mode. This resulted in over $140 billion in losses for the wider market.
At press time, the token was changing hands at a price of $2. This figure equates to a 3.69% loss on a year-to-date (YTD) basis.
It appears that a drop below $2 due to the tariffs is imminent. While bullish traders managed to keep the drop in XRP price from breaching the psychologically important level of support on April 1, at present, there simply is no bullish catalyst strong enough to stop the sell-off.
Key level to watch as XRP price continues to slide
XRP is currently trading well below its 50-day and 100-day moving averages (MAs). With the level of support at $2 about to be breached, the next price point where the asset could stabilize is around $1.80, at its 200-day moving average.
Conversely, a close above $2, however unlikely, would go a long way in blunting the currently bearish sentiment at play.
One positive development could be in the cards — the Securities and Exchange Commission (SEC) is holding a closed meeting today. Quite a few market commentators speculate that the meeting will be the final conclusion of the regulator’s case against Ripple. Even so, the news will likely have little impact on the prevailing XRP price at the time, as it will almost certainly be drowned out by market-wide volatility.
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