XRP News Today: XRP Drops 4% to $2.23 Amid Trump Tariff Fears

XRP, the cryptocurrency associated with Ripple, experienced a 4% decline to $2.23 as trade fears resurfaced due to new tariffs announced by former U.S. President Donald Trump. This development came after a period of growth for XRP and other altcoins, which had been rising until June 10th. The tariffs, set to be imposed within two weeks, have cast a shadow over the crypto market, despite recent progress in U.S.-China trade negotiations. These negotiations, which took place in London, included key agreements on access to rare earth minerals and Chinese student access to U.S. universities, typically positive developments for risk assets like XRP, Bitcoin, and Ethereum. However, Trump's pessimistic stance on the crypto sector has overshadowed these gains, leading to a bearish market sentiment.

In other news, the U.S. Consumer Price Index (CPI) for May cooled to 2.4% year-over-year, below the 2.5% forecast. This development strengthens hopes that the Federal Reserve might pause interest rate hikes, a long-term positive update for the entire crypto market, including XRP. Additionally, the XRP Ledger now supports tokenized U.S. Treasuries via Ondo Finance, and speculation about future ETF listings adds long-term appeal to XRP. Despite these positive developments, XRP's price suffered a 4% drop to $2.23, mirroring broader crypto losses amid renewed market caution.

One of the most crucial developments for XRP is the ongoing legal case between Ripple and the SEC. XRP holders are closely watching June 16th, a key procedural date in the case. Earlier, Ripple CEO Brad Garlinghouse claimed the case was nearly resolved, but Judge Torres rejected a motion from both parties due to filing errors under Rule 60. The SEC must now submit a status update to the U.S. Court of Appeals, which could reshape the legal timeline. However, any settlement will need Judge Torres’s formal approval, which could take time.

Experts believe that June 16th might not bring a major XRP price rally, as much of the legal optimism is already priced in by investors. A further delay could put downside pressure on the XRP price, while positive signals from the court might lift short-term sentiment. Currently, XRP price shows a 0.91 correlation with Bitcoin, meaning XRP tends to track Bitcoin’s moves closely. If Bitcoin falls to $105K, XRP price may slip to $2.15 or even $2.10. However, a Bitcoin rebound and favorable legal update could push XRP price past the $2.33 resistance zone. Overall, the short-term outlook remains uncertain, while long-term holders still believe in XRP’s role in crypto finance. For now, all eyes are on Bitcoin and the courtroom.