Why is XRP Going Down Today?
The post Why is XRP Going Down Today? appeared first on Coinpedia Fintech News
XRP is under pressure today, with its price falling to around $2.16 as the broader cryptocurrency market faced a sell-off. The total crypto market value slipped by 3.1%, now standing at $3.35 trillion. This sudden dip came after a U.S. court overturned President Trump’s trade tariffs, creating fresh uncertainty for investors.
The Court of International Trade ruled that Trump had overstepped the powers granted under the International Emergency Economic Powers Act when placing those import tariffs. While the Trump administration has already filed an appeal, the decision rattled financial markets — and cryptocurrencies felt the impact as well.
What’s Happening with XRP’s Price?
Right now, XRP risks falling by another 16% to around $1.96 if it can’t stay above a key support level at $2.31, which is backed by the 200-day Simple Moving Average (SMA). This is making traders nervous because some early warning signs are showing up in the market.
Bearish Signs in the Data
A couple of things are raising red flags for XRP:
- Funding rates for XRP have been stuck around 0% since February. This means traders aren’t really bullish or bearish — they’re undecided. And when there’s no clear direction, prices often move sideways or dip.
- Open interest (the total value of active XRP futures contracts) has dropped by 9.66%, falling from a 3-month peak of $3.52 billion on May 13th to $3.2 billion now. This shows investors are pulling out their money and cutting risk on XRP.
- XRP ETPs saw their biggest weekly outflow of $37.2 million. This broke an incredible 80-week streak of steady inflows. Even worse, the monthly outflows now total $28.6 million, while other cryptocurrencies are still seeing positive inflows.
