XRP's price movement today is largely influenced by the broader crypto market's downturn, which has been triggered by macroeconomic concerns. The release of stronger-than-expected U.S. payroll numbers last week has led to a spike in bond yields, boosting the dollar and putting pressure on risk assets, including cryptocurrencies. This has resulted in a general decline across the crypto market, with Bitcoin and Ethereum experiencing significant losses. Despite this, XRP has managed to maintain key support levels, although it has not been immune to the market's overall negative sentiment.
The recent surge in XRP's price, following a meeting between Ripple CEO Brad Garlinghouse and President Donald Trump, has raised concerns about a potential price trap. Analysts have noted that profit-taking began after the surge, contributing to the current price decline. Additionally, the critical resistance level of $2.53 remains unbroken, indicating sustained selling pressure. "If the price dips below $2.44, $42 million in long positions could be liquidated," according to CoinGlass data, highlighting the precarious position XRP finds itself in amid the market turbulence.
XRP is currently trading at $2.444104, reflecting a 2.46% decrease today. The cryptocurrency reached a high of $2.555816 and a low of $2.339789 during the day.