Ripple’s XRP Receives Rebuff as Trump’s EU Tariff Plans Deteriorate Market Sentiment

In a turn of events, Ripple’s XRP token session lows Wednesday after President Donald Trump announced that the EU would pay a proposed 25% tariff. This announcement has largely set the current market mood, pushing the price of the XRP token lower.  

Bearish sentiment on XRP has prevailed since the beginning of February due to its downtrend, which has increased geopolitical risk and market risk aversion. Despite recent difficulty breaking above strong resistance at $2.25 and short-term support at $2.15, technical indicators confirm the high likelihood that momentum will soon shift further into a bear trend. 

Key Levels To Watch 

The most robust level to watch out for is the $2 support level. If it breaks down, it will initiate another wave of selling pressure, dropping XRP to $1.80. If the trend persists, the token will fall to as low as $1.14. 

But there is not all bad news for XRP investors. On the bright side, ETF.com wrote that the Hashdex Nasdaq XRP Fund is proceeding with a pre-operational process with Brazil’s Comissão de Valores Mobiliários (CVM), the first over-the-counter (spot) XRP exchange-traded fund to be sanctioned by the country’s securities regulator.  

In the meantime, US XRP ETF applications are pending with regulators. If the past is any guide to follow—being the institutional Bitcoin (BTC) and Ether (ETH) ETF adoption case at the click of a button—approvals would once again get the market interested in XRP and listen to it.