- Ripple’s XRP experienced a significant drop, plunging over 15% amid a broader crypto market downturn triggered by renewed trade tensions.
- Analyst predict a potential 44% further decline as the market turmoil, reminiscent of “Black Monday,” which saw Bitcoin and other altcoins suffer substantial losses.
Ripple’s XRP is experiencing the most devastating moment this year. The digital asset which has been making headline’s on most news desks plummeted by over 15% on April 7. Though it suffered, others did as well. As we have reported, Bitcoin plunged to 76,000 accompanied by other Altcoins like Ethereum (ETH)and Solana(SOL), dropping over 18% and 17% respectively.
This market bloodbath was sparked by escalating trade tensions due to former President Donald Trump revived tariff policiess. With this in mind, investors and market pundits alike are buckling up for what some are calling a new “Black Monday.”
While the crypto market is straight up vibing with chaos, that’s not it for XRP. XRP are dealing with over $67 million in liquidations. Adding to the turmoil, analyst warn that a further 44% crash may be on the horizon.
The market meltdown has sent shockwaves through both crypto and traditional finance. Google Trends data shows an unprecedented surge in searches for “Black Monday,” a chilling throwback to the 1987 stock market crash.
Adding to the panic, S&P 500 futures are down nearly 3%, and the broader crypto market has shed 9% of its value in a matter of hours, bringing the total market cap down to $2.4 trillion.
XRP has been hit particularly hard. According to data from Coinglass, XRP has witnessed whooping $67 million positions liquidated, with long positions accounting for $57 million of the total. This liquidations have had a ripple effect on the token’s technical indicators. Notably, the token has breached key support levels and fallen below its critical 200-day simple moving average (SMA).
XRP Technical Analysis
Technical signals suggest further pain may be ahead. The 50-day SMA is dangerously close to crossing below the 150-day SMA, a bearish crossover that often precedes extended downtrends. Additionally, the Relative Strength Index (RSI) has dropped to 30, reflecting severe selling pressure. While this oversold condition can sometimes signal a bottom, the prevailing sentiment remains firmly bearish.
Further tarnishing the negativity is the decline in open interest on XRP, now below $3 billion. Funding rates have also turned negative, signaling that short-sellers are dominating the market. With momentum firmly on the side of the bears, many analysts now predict that XRP could tumble to as low as $1 — a 44% decline from current levels.
Top trader Peter Brandt recently echoed this bearish outlook, warning that if XRP failed to hold its critical support, a move to $1 was not only possible but likely.
President Trump’s comments on Sunday did little to soothe investor anxiety. He stated;
What’s going to happen with the market? I can’t tell you, but I can tell you, our country has gotten a lot stronger, and eventually it’ll be a country like no other.