XRP has been trading near an important support level, showing multiple rebounds in recent sessions. On the hourly chart, XRPUSD made a bearish move after facing rejection around 2.20000. If the support at 2.07000 holds, the price may attempt an upward move. However, a breakdown below the support could push the price lower.

The broader market remains uncertain as the Trump administration prepares to announce its tariff strategy. The policy, set for release today at 10 PM CET, will introduce reciprocal tariffs on 15 countries, including China, Canada, and Mexico. These measures target nations that have imposed duties on U.S. goods.

Tariff Volatility Continues to Impact Risk Assets

Paul Howard, Wincent
Paul Howard, Wincent

"The well publicised implementation of tariffs and volatility we have seen in the wake of their announcements will continue to impact risk assets. Our strategy has always to maintain a market neutral position and nowhere is this more appropriate than in such a volatile environment," Paul Howard, Senior Director at Wincent, commented.

Wall Street is concerned about the economic impact of the tariffs. Meanwhile, the cryptocurrency market faces uncertainty. Analysts have differing views on how digital assets will react, given the volatility seen earlier this year.

"The correlation between risk assets such as cryptocurrencies and macro markets is more pronounced than ever," Howard continued.

"If we focus on the fundamental changes that have happened in support of the industry the last 3 months then it is likely once the markets become more settled with the new economic paradigm. Once again, we should see the majors start to trade a more positive trajectory in the mid/longer term."

Source: Finance Magnates