The XRP race is under a lot of pressure today. After a recent all-time high of $ 3.66, the value has fallen to $ 2.95. What is behind this sudden relapse?
Trade tensions and interest cause uncertainty
The decrease in XRP is largely due to geopolitical unrest and monetary policy. This week, the United States announced new import duties on products from more than 70 countries. For technological sectors, such as blockchain and crypto, this means higher costs and more risks. This also affects projects such as Ripple (XRP), which depend on international supply chains.
It is striking that the European Union escapes stricter rates. The EU concluded an agreement with the US on 27 July, whereby the rates on EU goods are limited to fifteen percent. Other countries see rates rise to even fifty percent on copper.
At the same time, the Federal Reserve remains waiting. Although the interest rate does not rise further, it is also not lowered. That is bad news for cryptocurrencies, who usually benefit from low interest rates and cheaply borrowed money.
XRP drops faster than other cryptos
What is striking is that XRP is falling by seven percent today, considerably more than, for example, Bitcoin (BTC), which shows a decrease of 3.1 percent. At the beginning of July, De Munt received a boost of 83 percent within a month, which now provides extra sales pressure. XRP then rose from 2 dollars to a peak of $ 3.66.
This rapid rise makes the currency extra sensitive to corrections, especially in a market that currently responds nervously to geopolitics and interest university.
Source: https://newsbit.nl/xrp-koers-daalt-hard-dit-is-waarom-de-munt-onder-druk-staat/
