according to the website - By 36crypto
Today, the XRP rate sharply fell by 6.36% to $2.95 as of August 1. This decline reflects overall concern in the financial markets caused by new U.S. trade tariffs and a deterioration in investor sentiment regarding digital assets.
The drop began early when XRP was trading at $3.15, but then there was sustained pressure that led to a decline in the rate. According to CoinMarketCap data, the price failed to recover after falling below $3.00 in the pre-dawn hours. XRP reached a daily low of $2.95, marking the weakest performance in the last 24 hours.
The sell-off is occurring against a backdrop of rising economic tension following the introduction of new tariff policies by the U.S. government. Tariffs, which are increasing by 15-40%, have affected more than 70 countries.
Copper is considered a critically important material and is currently taxed at 50%, while in India it is 25%. According to the U.S. Department of Commerce, this will lead to an increase in consumer prices by up to 3%.
As trade disruptions in industries reliant on hardware components and raw materials escalate, including cryptocurrency operations, the consequences are being felt. XRP is particularly vulnerable due to its role in payment infrastructure and blockchain services that require technological resources and are associated with new trade costs.
Meanwhile, the Federal Reserve's statement that it has not changed interest rates did not help to calm the markets. The sharp decline in growth rates, which the central bank warned about, also alarmed investors as it reduced the share in risky financial assets like altcoins.
During the same period, XRP trading volume increased to $7.62 billion, or 18.33%. However, the volume increase is related to liquidation rather than new inflows, while XRP's market capitalization simultaneously fell by 6.25% to $175.09 billion.
Overall, liquidation in the cryptocurrency market amounted to nearly $632 million, with altcoin losses being more significant than those of Bitcoin. The decline in the price of XRP corresponds with the overall trend and once again proves that altcoins are extremely susceptible to external shocks.
The drop in the price of XRP today is directly related to increasing trading uncertainty and heightened market volatility. The combined effect of new U.S. tariffs, economic caution, and high liquidation levels has created downward pressure, resulting in XRP reaching its lowest value of the day.
