On Wednesday, XRP dropped below the critical $2 mark, retesting the $1.96 level as the crypto market faced heightened volatility. The sudden downturn in the market erased gains from the past three days, with over $450 million in crypto futures liquidated in the last 24 hours amid the impact of new U.S. tariffs.
The market shakeup follows President Donald Trump’s decision to impose a 25% tariff on auto imports and at least a 10% tariff on all exporters to the U.S., adding pressure to already fragile investor sentiment.
Technical Analysis of XRP
According to an analyst, XRP continues to show signs of a bearish divergence, a pattern that has been developing for months, suggesting the potential for lower prices. However, zooming into the 8-hour timeframe, there’s evidence of a short-term bullish divergence—a slight upward movement in price with choppy sideways action.
Currently, XRP is facing strong resistance between $2.24 and $2.30, with a recent rejection at around $2.24. This level has been a consistent barrier, preventing XRP from gaining momentum.
For support, the key zones are between $1.95 and $2.05. If XRP holds above this range, there could be a chance for a mild relief rally or a sideways price movement in the coming days. However, even with a short-term bullish divergence, XRP may struggle to break through resistance without stronger market catalysts.
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