XRP Price Crashes To $1.65 Amid Black Monday Fears—Could It Plunge to $1?
XRP, the fourth-largest cryptocurrency by market cap, has experienced a significant decline, dropping to $1.65, its lowest level since November 2024. This represents a nearly 30% decrease in value over the past month. The broader market is also feeling the pressure, with concerns about a potential U.S. trade war causing sell-offs across various asset classes.
The recent sell-off in XRP can be attributed to fears surrounding new U.S. trade tariffs. President Donald Trump’s recent comments suggesting a willingness to negotiate have done little to alleviate investor concerns. This uncertainty has led to increased market volatility, with investors on edge and looking to reduce their exposure to risky assets like XRP.
The current market sentiment is reflected in the spike in searches for “Black Monday” on Google Trends. This term is often associated with past market crashes and serves as a barometer for investor anxiety. The overall crypto market has also taken a hit, losing 11.4% of its total value and currently standing at $2.36 trillion. U.S. stocks have not been spared either, with S&P 500 futures dropping 3%.
In the futures market, XRP has seen significant liquidations, with over $64 million in positions being liquidated in the last 24 hours. This has added to the downward pressure on XRP’s price, with the majority of liquidations coming from long positions. The open interest in XRP has also dropped below $3 billion, and funding rates have turned negative, indicating a bearish outlook.
As of now, XRP is trading at $1.67, down 20% in the last 24 hours, with its market cap falling below $100 billion. Technical indicators suggest a bearish trend, with XRP dropping below the key $1.80 support level and the 200-day moving average. If the current session closes below $1.47, XRP could potentially drop further, reaching $1 and marking a 44% decline from recent highs.
Overall, the market is facing increased uncertainty and volatility, with traders bracing for further declines in XRP and other risky assets. It remains to be seen how the situation will unfold in the coming days and whether XRP will be able to recover from its current slump.
