From financemagnates by Damian Chmiel
The cryptocurrency market experienced turbulence as former President Donald Trump announced substantial tariffs on steel and aluminum imports, with XRP particularly affected by the market uncertainty.
XRP has declined 2.36% in the last 24 hours, currently trading at $2.40, as traders react to Trump's latest trade policy announcement. The digital asset movement reflects broader market concerns about escalating trade tensions.
The former president declared a 25% tariff on steel imports entering the United States, alongside additional levies on aluminum. Trump emphasized his commitment to reciprocal tariffs, stating that trade imbalances with other nations would not continue unchecked.
After the announcement, the cryptocurrency market's total capitalization showed signs of stress, though some assets have begun showing recovery signals. The announcement represents another chapter in ongoing trade tensions, with Trump also indicating plans to implement tariffs on various sectors, including superconductors, oil, gas, and copper.
Based on my technical analysis, XRP is currently utilizing a strong support zone that could potentially trigger a bounce toward theoretical maximums just below the $3.40 level.
February's decline halted at the $2.25 level, which is further reinforced by the 38.2% Fibonacci retracement. The price formed a significant hammer pattern (pin bar) at this level on February 3rd, with a notably long lower wick. While the buy signal hasn't materialized yet, and the price continues to hover around the support area, this level should ultimately allow movement toward the current consolidation's upper boundary.
