XRP News Today: Altcoins XRP, SOL, DOGE Drop as Trump Tariffs Spark Trade War Fears

Altcoins XRP, SOL, and DOGE experienced a decline as U.S. President Trump reignited trade tensions by preparing to send tariff rate letters to trading partners. This move comes ahead of the 90-day freeze of U.S. tariffs expiring on July 9, which was originally announced during April. The tariffs had previously caused a slide in Ethereum and Dogecoin, but trade war tensions had since eased due to deals struck with China and the UK, prompting markets to rise. However, with the impending expiration of the tariff freeze, anxiety has reignited, leading to a slump in altcoins.

Trump's announcement that "10 or 12" letters would be sent on Friday, notifying countries of tariffs ranging between 10% to 20% or 60% to 70%, with more letters to follow over the "next few days," has heightened market concerns about further deterioration in global trade and its impact on the economic outlook. This move signals a potential new round of escalation in U.S. global trade policy, which has led to a drop in major altcoins. XRP has dropped 2.8% over the past 24 hours, with Solana falling 2.6%, and Cardano 4%. Fan favorite Dogecoin has also tumbled by 4% and Hyperliquid 4.7%.

An analyst at a derivatives exchange noted that this move by Trump signals a potential new round of escalation in U.S. global trade policy. Markets are concerned about further deterioration in global trade and its impact on the economic outlook. This concern has led to a decline in the prices of major altcoins, with XRP, SOL, and DOGE being the most affected.

Meanwhile, Trump’s “Big, Beautiful Bill” passed its final hurdle in Congress on Thursday. Tesla CEO Elon Musk, a former Trump ally, had previously criticized the bill, calling it a “disgusting abomination” and claiming that Trump was named in files relating to convicted child sex offender Jeffrey Epstein. Trump later claimed that Musk only turned on him once he discovered that the bill would cut a mandate relating to electric vehicles, the core of Musk's Tesla business. Arthur Hayes, co-founder of a crypto exchange, had predicted that the bill could result in Bitcoin testing $90,000 this year, despite previously predicting the leading crypto would hit $250,000 this year. However, Bitcoin has traded sideways since the passing of the bill, with altcoins being the hardest hit.