XRP Plummets Amidst Market Volatility and Geopolitical Tensions

XRP, the native cryptocurrency of the Ripple network, has been experiencing a downturn in recent days, with prices falling by approximately 3% and showing no signs of immediate recovery. This decline is part of a broader trend affecting the cryptocurrency market, which has been grappling with increased volatility and uncertainty.

The current state of the XRP market can be attributed to several factors, including the ongoing trade war and geopolitical tensions. The recent mass liquidation event, which saw around 10 billion US dollars worth of cryptocurrencies liquidated, has further saturated the market with tokens, putting downward pressure on prices. As a result, almost all coins, including XRP, have taken a hit.

XRP's price has been on a rollercoaster ride in recent months. In mid-January, the coin reached a price of $3.3999. However, the appointment of a new chief of the Securities and Exchange Commission (SEC) by President Trump, Mark Uyeda, initially sparked optimism among investors. Uyeda's statement, which suggested a shift in the SEC's approach to cryptocurrencies, was seen as a positive development for the industry.

However, the optimism was short-lived as President Trump's decision to impose extra tariffs on Canada, China, and Mexico sent shockwaves through the crypto market. The cascading effect of this decision led to a total liquidation of 10 billion US dollars, further exacerbating the market's saturation with digital assets. Consequently, XRP, along with other cryptocurrencies, experienced a significant price decline.

As of now, XRP is trading at $2.39, with a narrow support range. The intraday price of XRP is oscillating between $2.32 and $2.50. To recover and reach the $3 mark, XRP must break through two resistance levels at $2.51 (50% retracement area) and $2.72 (88.7% retracement area). However, analysts caution that the larger market remains volatile, and XRP is currently depicting a bearish move with little scope for stability.

Investors and traders are advised to closely monitor the XRP market and wait for signs of a potential breakout before making any decisions. The cryptocurrency market is highly dynamic and unpredictable, and it is essential