XRP News Today: Crypto Market Plummets 2.27% as Trump Announces 50% EU Tariff

The crypto market experienced a sudden downturn following President Donald Trump's announcement of a proposed 50% tariff on the European Union. This bold move sent shockwaves through global markets, particularly affecting risk-on assets like Bitcoin and altcoins. The crypto community interpreted this as a potential catalyst for macroeconomic uncertainty and increased market volatility.

Bitcoin, often seen as a safe haven during uncertain times, failed to maintain its status this time. The asset slipped 2.27% over the last 24 hours, trading at $108,247.81, despite being up 4.71% over the past week. This decline was mirrored by major altcoins, including Ethereum, XRP, Solana, and Cardano, which all posted significant drops. Ethereum fell 5.21% to $2,550.32, XRP dropped 4.57% to $2.33, Solana decreased 3.57% to $175.19, and Cardano took a larger hit, falling 7.50% to $0.7599. Even Dogecoin, which had been riding a memecoin rally, experienced a sharp decline after gaining traction earlier in the week.

Adding to the market's jitters, President Trump hosted a private dinner for top holders of his own memecoin, $TRUMP. This event raised eyebrows and ethics questions, as investors questioned the merging of political influence and crypto promotion. The symbolic nature of the event further stirred confusion in already volatile markets.

Despite the crash, the crypto market remains in a broader bullish structure. Bitcoin is still trading above key support levels, and institutional interest remains strong. However, short-term uncertainty due to geopolitical risks, especially trade wars and regulatory speculation, could continue to weigh on prices. The coming days will be critical. If Bitcoin can hold above the $105K support zone and Ethereum defends the $2.5K level, traders may regain confidence. Otherwise, further downside could be seen before the market stabilizes.