XRP was put pressure today, as its price decreased to about $ 2.16, as it faced the broader cryptocurrency market. The total market value of the encryption decreased by 3.1 %, and is now 3.35 trillion dollars. This sudden decrease came after an American court canceled the commercial definitions of President Trump and created the new uncertainty for investors.
The International Trade Court ruled that Trump has exceeded the powers granted under the Economic Forces Act of International Emergency when this tariff was placed. While the Trump administration has already submitted an appeal, the decision shook the financial markets – and the cryptocurrency was also influenced.
What happens at XRP price?
Currently, another 16 % XRP risk about $ 1.96 if it is not able to stay higher than the main support level at $ 2.31, which is supported by the simple moving average for 200 days (SMA). This makes merchants tense because some early warning signs appear on the market.
Decreased signs of data
There are two things that raise red flags for XRP:
- The XRP financing rates have been placed about 0 % since February. This means that merchants are not really optimistic or landing – they did not resolve their matter. And when there is no clear direction, prices often move sideways or decline.
- The open interest (the total value of active XRP futures contracts) decreased by 9.66 %, as it decreased from a peak of 3 months of $ 3.52 billion on May 13 to $ 3.2 billion now. This indicates that investors withdraw their money and reduce risks on XRP.
- XRP ETPS has seen the largest weekly flow of $ 37.2 million. This broke an incredible series of 80 weeks of fixed flows. Worse, the monthly external flows now are 28.6 million dollars, while other cryptocurrencies are still witnessing positive flows.
