xrp-usd
Olumide Adesina•Monday, January 27, 2025•2 min read
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XRP and the altcoin market dipped greatly after President Donald Trump imposed trade tariffs on Colombia which rattled risk appetite and sent the token below the $3 support line.
Trump imposed tariffs and visa restrictions on the third-most populous nation in Latin America on Sunday following the rejection of two US military planes carrying deportees by Colombian President Gustavo Petro.
The crypto market went parabolic after Trump posted on his social media platform, Truth Social, that the United States would immediately impose a 25 percent “emergency” tariff on all imports from Colombia, which would rise to 50 percent within a week. After Trump’s remarks, Petro quickly announced retaliatory tariffs of up to 50%.
In addition, Trump declared that he would strengthen border checks on all Colombian citizens and goods and impose “travel ban and immediate visa revocations” and “visa sanctions” on government officials, their families, and supporters.
“These actions are only the start. Trump declared, “We will not permit the Colombian government to disregard its legal duties regarding the reception and repatriation of the criminals they compelled to enter the United States.”.
Ripple’s XRP declined 5% in Monday’s morning trading session. Several technical analyses and on-chain indicators point to waning momentum among bullish traders, which coincides with the decline. The Moving Average Convergence Divergence (MACD) indicator confirmed a bearish crossover.
This change occurred just two weeks after the bullish momentum that propelled XRP to its most recent all-time high. The MACD’s bearish crossover indicates that the overall market momentum is starting to wane. XRP’s price is under high selling pressure amid little fresh buying pressure or encouraging market signals.
The sustainability of recent bullish trends has begun to be questioned due to uncertain trading conditions. If the current trend persists, experts warn that the bearish momentum may trigger additional price corrections.
Market participants will keep a close eye on them because trading patterns and market sentiment will be key factors in determining the asset’s future trajectory.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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