xrp-usd
Olumide Adesina•Friday, January 31, 2025•1 min read
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MARKETS TREND
Ripple’s token decline resumed after the White House denied an optimistic report about a tariff delay. President Trump pledged to impose 25% tariffs on Canada and Mexico today. XRP had risen above $3.1 before that news but swiftly fell 3.2% to hover around $3.
A Reuters report on Friday then suggested that the tariffs would be postponed until March 1 while a procedure was established to enable nations to request exemptions for specific exports. However, the White House denounced that report as “false”.
Trump’s press secretary Karoline Leavitt informed reporters that the tariffs, which include a 10 percent levy on China, would take effect on Saturday.
Bitcoin had previously risen above $106,000 and appeared poised to challenge for a new high above $109,000. However, the tariff news sent bulls away. At the time of writing, bitcoin was trading just below $102,000, down 2% in the last day.
XRP posted the highest gains among major altcoins in January. Its price has risen by almost half in the past 30 days, outpacing the gains of Solana. The altcoin attempted to breach its all-time high. However, it was rejected as soon as it reached $3.29. The development of a bullish pattern caused such rejection.
A bullish pennant is a pattern that suggests a robust uptrend will likely continue. It develops after the price spikes higher, momentarily settles between convergent resistance and support, and then starts to rise again.
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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