This decline comes amid wider market volatility triggered by geopolitical and economic factors, notably U.S. President Donald Trump\u2019s newly implemented tariffs<\/a>.<\/p>\n XRP’s sharp decline is in line with a broader market sell-off as investors react to Trump\u2019s tariffs<\/a> on imports from Canada, Mexico, and China.<\/p>\n The cryptocurrency market has collectively lost 8% of its value, bringing the total global market capitalization down to $2.76 trillion.<\/p>\n Key Market Declines:<\/p>\n 1. Bitcoin (BTC)<\/a> has fallen 10% over the last 24 hours, trading at $83,500, marking a 3% drop from pre-tariff levels.<\/p>\n 2. Ethereum (ETH)<\/a> has tumbled 12%, now hovering just above $2,000.<\/p>\n 3. XRP, along with Solana (SOL)<\/a> and Cardano (ADA)<\/a>, has suffered the steepest losses among the top 10 cryptocurrencies.<\/p>\n The risk-off sentiment among investors stems from fears of tighter economic conditions and the broader implications of Trump\u2019s trade policies<\/a>.<\/p>\n The sharp decline in XRP\u2019s price<\/a> has led to massive liquidations in the derivatives market. In the past 24 hours alone, nearly $58 million worth of XRP futures positions have been liquidated, with long liquidations accounting for $50 million.<\/p>\n This underscores the strong selling pressure currently dominating XRP\u2019s price action.<\/p>\n Key Liquidation Data:<\/b><\/p>\n 1. $49.7 million in long positions wiped out, compared to $8 million in short liquidations.<\/p>\n 2. A similar liquidation event occurred between February 24 and February 26, erasing $80 million in long positions and causing a 17% price drop.<\/p>\n 3. XRP\u2019s open interest (OI) has fallen 25% from $4.45 billion on March 3 to $3.34 billion, signaling waning trader participation.<\/p>\n The funding rate has turned negative, dropping from 0.0103% to 0.00032%, reflecting weakened bullish sentiment.<\/p>\n With XRP\u2019s price facing intense bearish pressure, key support and resistance levels could dictate the next move.<\/p>\n Key Levels to Watch:<\/b><\/p>\n 1. Support: <\/b>$2.20 remains a crucial psychological support level. A breakdown could see XRP test $1.76 (February 3 low) and potentially $1.55, where the 200-day simple moving average (SMA) resides.<\/p>\n 2. Resistance:<\/b> A decisive move above $2.48, where the 100-day SMA and the upper boundary of the descending channel meet, is necessary to reignite bullish momentum. If achieved, XRP could revisit $3.00.<\/p>\n Despite the bearish market sentiment, XRP witnessed a brief surge near $3 following President Trump\u2019s announcement of a U.S. Crypto Strategic Reserve<\/a>.<\/p>\n The plan includes XRP, alongside Bitcoin, Ethereum, Solana, and Cardano, as part of a national stockpile of digital assets. The announcement drove a 34% spike in XRP\u2019s price, adding $44 billion to its market capitalization.<\/p>\n The inclusion of XRP in the U.S. Crypto Strategic Reserve has fueled speculation about whether it could finally surpass the elusive $5 mark. Analysts highlight three critical factors influencing XRP\u2019s price trajectory:<\/p>\n 1. Further Details on the Crypto Reserve<\/b>: A clear regulatory framework could increase institutional adoption.<\/p>\nXRP Leads Crypto Market Bloodbath<\/h2>\n
Over $50 Million in Long XRP Positions Liquidated<\/h2>\n
Key Technical Levels: Can XRP Hold Above $2.20?<\/h2>\n
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Trump\u2019s Strategic Crypto Reserve Sparks Brief XRP Rally<\/h2>\n
Can XRP Reach $5 Under Trump\u2019s Presidency?<\/h2>\n