The recent imposition of tariffs by President Donald Trump on imports from Canada, China, and Mexico has sent shockwaves through the cryptocurrency market, with XRP experiencing significant declines. The tariffs, which took effect on February 1, have created a risk-off environment, leading to a broad sell-off across major cryptocurrencies. The market's reaction is largely driven by concerns over increased costs for imported mining hardware, which could impact operational expenses for miners and, consequently, the broader crypto ecosystem. This sentiment has been echoed by BitMEX CEO Arthur Hayes, who suggested that the tariffs might be an attempt to trigger a financial crisis.
XRP, in particular, has been hit hard, with its price dropping by 22% over the past 24 hours. This decline is part of a larger trend affecting altcoins, as the market grapples with the implications of the new trade policies. The overall global crypto market cap has also seen a significant reduction, reflecting the widespread impact of the tariffs. The heightened trading volume indicates strong selling pressure, as investors react to the uncertainty and potential economic ramifications of the trade dispute.
The current price of XRP stands at $2.288452, marking an 11.27% decrease today. The cryptocurrency reached a high of $2.579013 and a low of $1.949380 during the day.