XRP, the fourth-largest cryptocurrency by market cap, has plunged to $1.65, its lowest level since November 2024, losing nearly 30% in the past month. The broader market is also on edge, with fears of a U.S. trade war sparking sell-offs across stocks and risky assets.
With XRP already down 20% in the last 24 hours, the big question remains: Could it drop even further to $1, marking a 44% decline from its recent highs?
Trade War Sparks Fears of Another “Black Monday”
The decline in XRP’s price comes amid growing concerns that new U.S trade tariffs have added fuel to the fire. U.S. President Donald Trump recently stated he was “open to talking” but gave no signs of backing down on trade policies. This uncertainty has rattled investors, leading to further sell-offs.
Interestingly, Google Trends shows a spike in searches for “Black Monday,” a term tied to past market crashes, signaling growing investor anxiety.
The crypto market has also taken a hit, losing 11.4% of its total value, now standing at $2.36 trillion. Meanwhile, U.S. stocks are under pressure, with S&P 500 futures dropping 3%, reflecting a shift away from risky assets.
With rising fears and market instability, traders are cutting exposure to volatile assets like XRP, triggering a wave of liquidations and deepening the decline.
XRP Liquidations Hit $64 Million
The panic is clear in the futures market as data from Coinglass shows that over $1.38 billion in crypto positions were liquidated in the last 24 hours, affecting 446,448 traders.
Out of this, XRP saw $64 million in liquidations, with a majority of $56.8 million coming from long positions. This wave of selling has only intensified the downward pressure on XRP’s price.
Adding to the bearish sentiment, XRP’s open interest has now dropped below $3 billion, and funding rates have turned negative, suggesting that more traders are betting on further declines.
Could XRP Crash to $1?
As of now, XRP is currently trading at $1.67, down 20% in the last 24 hours, with its market cap falling below $100 billion.
Meanwhile, technical indicators show a bearish trend as XRP has dropped below the key $1.80 support level and the 200-day moving average, confirming a shift from bullish to bearish territory.
If today’s session closes below $1.47, XRP could drop further, possibly falling to $1, a 44% decline from recent highs.
