XRP News Today: Crypto Market Plummets 3.42% Amid Musk Trump Feud

The cryptocurrency market is experiencing a significant downturn today, with major cryptocurrencies such as Bitcoin, XRP, Ethereum, and Solana all recording losses. One of the unexpected factors contributing to this decline is the public feud between Elon Musk and Donald Trump. The two influential figures engaged in a heated exchange of remarks online, which has created considerable tension and uncertainty in both traditional and crypto markets.

Musk criticized Trump's past controversies and even called for his impeachment, while Trump responded with strong comments about the economy. This drama has made investors nervous, leading to a ripple effect across the markets. Stock markets opened cautiously today, which has led traders to bet on further declines in cryptocurrency prices. More traders are opening short positions, adding extra pressure on the market and causing prices to drop further.

The global cryptocurrency market cap is currently at $3.18 trillion, reflecting a 3.42% drop in the last 24 hours. The Fear & Greed Index stands at 46, indicating a neutral sentiment in the market, while the Altcoin Season Index is low at 23 out of 100. Bitcoin is trading at $101,895 after a 2.77% decrease in the last 24 hours. Ethereum has fallen to $2,424, down nearly 7%, while Solana is priced at $145.39 after a drop of over 5%. XRP has slipped to $2.10, and Dogecoin has taken one of the hardest hits, plummeting nearly 9% to $0.1720.

Despite this downturn, analysts believe that this sharp reaction might be short-lived. The tensions between Musk and Trump could ease up soon, which might help stabilize prices. Bitcoin’s crucial support zone is between $100,700 and $98,000. If the market can hold above this range, it may enter a phase of sideways trading before trying to bounce back.

The crypto market experienced a notable decline today, with the total market capitalization decreasing by $13 billion to $3.25 trillion. This drop reflects ongoing market uncertainty and has left the market in a consolidation phase. The decline in the total market cap, which dropped by 3% to $3.41 trillion, was accompanied by weak trading volume, indicating that many investors are adopting a cautious approach and sitting on the sidelines.

The downtrend in Bitcoin today can be attributed to several factors, including technical weakness, cooling ETF inflows, and clustered liquidations near key levels. Despite oversold signals flashing, the market sentiment remains fragile. The market's bullish structure has weakened, with heightened tensions due to tariff uncertainty in the United States following a court's decision to block certain measures. This uncertainty has contributed to a slip in sentiment across the market.

Bitcoin's price dropped below $105,000 amid market consolidation, with altcoins also declining by up to 6%. Strong ETF inflows and long-term holding behavior have been observed, but these factors have not been sufficient to prevent the market downturn. The current value of Bitcoin holdings, for instance, has been affected by the price drop, with the average price paid per Bitcoin being around $35,000.

The market's decline today is also influenced by broader economic factors, including escalating tensions between President Trump and Tesla CEO Elon Musk. These tensions have overshadowed other developments and contributed to a general sense of uncertainty in the market. The overall market sentiment remains cautious, with investors closely monitoring developments and awaiting clearer signals before making significant moves.