Global markets were hit with sudden volatility today after Japan’s bond market spiked to levels not seen since 2008. The yield on Japan’s 2-year government bond surged above 1% for the first time in almost two decades. This sharp jump may look small on a long-term chart, but it represents a major move for a market that stayed near zero or even negative for years. The sudden rise in Japanese yields caused immediate selling pressure across stocks and crypto.
Crypto Follows Stocks into the Red
Bitcoin, Ethereum, Solana and other major cryptocurrencies all dropped in the short term as investors reacted to the global sell-off. Bitcoin rejected an important resistance level and pulled the rest of the crypto market down with it. Since altcoins are heavily correlated with Bitcoin’s direction, the weakness spread quickly.
XRP Price Faces Pressure at $2 After Fresh Market Panic
XRP also felt the impact. The token is still dealing with a long-term bearish divergence, something analysts have been warning about for months. This pattern has continued to play out, showing overall weakness despite small relief rallies.
XRP recently saw a short-term bounce thanks to a bullish divergence, but the move stalled near $2.30 to $2.40, a strong resistance zone. XRP got close to $2.30 before rejecting sharply.
With Bitcoin dropping, XRP followed and is now trading near $2.00, a crucial support area. If XRP holds above the $2 level, it could stabilize between $2 and $2.25. But a daily close below $2 could push the price toward $1.90, then $1.80, and possibly $1.60 if selling pressure grows.
What to Watch Next for XRP
If RSI continues forming higher lows while the price forms lower lows, it could mean a possible rebound later in the week. However, this pattern is not confirmed yet.
For now, XRP remains tied closely to global risk sentiment. As long as the Japanese carry trade unwinds and stock markets stay shaky, XRP may face short-term downside before finding a stronger base.
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