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XRP Holders Exhausted? Analyst Weighs In After Trump Sparks Market ‘Bloodbath’

Global financial markets suffered a severe beating after US President Donald Trump made a sweeping tariff declaration, with cryptocurrency XRP being one of the assets that recorded sharp price falls. The digital currency dropped from $2.20 to $1.75 during widespread selling pressure in both conventional and crypto markets.

Market Loses $1.65 Trillion After Tariff News

According to crypto analyst Oscar Ramos, the US stock market lost approximately $1.65 trillion when markets opened after Trump’s announcement. The president’s decision to impose tariffs on nearly every country worldwide triggered what some market watchers are calling a “financial bloodbath.”

Bitcoin, having just reclaimed $88,000, fell back hard to $77,000. This drastic price drop triggered a spate of forced liquidations on cryptocurrency exchanges. Statistics indicate that within 24 hours alone, more than $500 million worth of trading positions were liquidated, with $348 million of long positions and $210 million of short positions erased.

Technical Signals Point To Possible Bottom

Ramos indicated that XRP could be heading towards a price floor using past support levels. Comparable price behaviors were observed at the start of the year when the top altcoin traded between $1.90, $1.80, and $1.70 amid previous tariff news regarding Canada, China and Mexico.

The analyst pointed out a bearish structure called “Three Black Crows” developing on the crypto’s daily chart, indicating additional downward pressure may be on the way. According to Relative Strength Index (RSI) readings, XRP has yet to reach oversold levels on daily charts, which last occurred in July 2024.

Additional Price Declines Could Test $1.50 Support Level

If XRP goes into oversold territory on daily charts, Ramos predicts the price to go lower to about $1.50 to $1.60. Despite these warning signs, the analyst views the current situation with some optimism, noting that maintaining price near $2 instead of dropping lower is “a major win.”

XRP-specific liquidations contributed $21 million to the market’s total forced closures, with $15 million in long positions and $6 million in short positions eliminated as prices fell.

New Ripple USD Launches Amid Market Turmoil

Meanwhile, crypto exchange Kraken has just added Ripple USD (RLUSD), a new stablecoin issued by the company behind XRP. Though this move should normally be market-positive, its effect was trumped by other economic worries.

Ramos has taken a conservative stance with regards to present market trends. The analyst disclosed his plan is to build up a position in Bitcoin with a vision of owning a full BTC and to avoid taking new XRP positions until the coast is clear.

Featured image from Gemini Imagen, chart from TradingView



from Bitcoinist.com https://ift.tt/OfvnSjG
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