XRP plunges below $3 erasing billions overnight
Main Idea
XRP's price dropped below $3 due to market reactions to external events and profit-taking, with potential future catalysts including Ripple's SWELL event and speculation about a BlackRock XRP ETF.
Key Points
1. XRP price fell from $3.16 to $2.92, erasing over $13 billion in market value within hours.
2. High trading volume ($8.1 billion, up 24%) indicated panic-driven selling rather than a quiet decline.
3. BlackRock's Director of Digital Assets will speak at Ripple's SWELL 2025 conference, sparking speculation about a potential XRP ETF.
4. The key focus is whether XRP can reclaim $3 ahead of Ripple's token unlock and the SWELL event, which may boost bullish momentum.
Description
XRP price plunged below the critical $3 threshold early Friday as the broader cryptocurrency market reacted sharply to U.S. President Donald Trump’s newly imposed tariffs on multiple countries, sparking fears of escalating global economic tensions. The sell-off, which also rattled equities, combined macroeconomic uncertainty with profit-taking after XRP’s recent highs. In particular, the token fell from an intraday peak of $3.16 to a low of $2.92, wiping out more than $13 billion in market value...
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