XRP News Today: Cryptocurrencies Drop as Trump Announces 30% Tariffs on Mexico and EU

Major cryptocurrencies, excluding XRP, experienced moderate declines as President Donald Trump announced new tariffs on imports from Mexico and the European Union (EU). The President imposed a 30% levy on these two trading partners, effective from August 1. This announcement came through letters posted on Trump's Truth Social account, where he expressed dissatisfaction with the current trade relationships. In a letter to Mexican President Claudia Sheinbaum, Trump acknowledged Mexico's efforts in securing the border but stated that more action was needed. Similarly, in a letter to European Commission President Ursula von der Leyen, Trump described the relationship with the EU as far from reciprocal.

Earlier in the week, Trump had issued new tariffs for several other countries, including South Korea, Japan, Canada, and Brazil, along with a 50% tariff on copper. These actions triggered volatility in the market for the red metal. The latest tariff announcements have added to the uncertainty in global trade, which has had a ripple effect on various markets, including cryptocurrencies.

Bitcoin, the leading cryptocurrency by market value, traded around $17,400 following Trump's announcement, down 0.6% from the European session high of $18,200. Prices have struggled to establish a foothold above $118,000 multiple times since Friday's early Asian trading hours. Ether (ETH), the second-largest token, traded 1% lower on the day at $2,930, having put in an indecisive doji candle on Friday. Solana's SOL and DOGE traded over 2% lower, while BNB was down 0.7%. Meanwhile, payments-focused XRP traded relatively resilient, flashing a 1.78% gain as of the latest update.

The weak tone in the cryptocurrency market followed intense bullish price action mid-week that saw Bitcoin blow past the long-held resistance at $110K, prompting renewed risk-taking in the broader crypto market. Some analysts anticipated a continued indecisive price action over the weekend. The founders of the newsletter service LondonCryptoClub said on X, "Expectations this weekend are we chop around in tight range today. Then Asia comes in late on Sunday evening and buys ALL the Bitcoin, and we break through $120k."