XRP price is crashing today, April 7, due to trader concerns about a Black Monday event following President Trump’s aggressive tariffs and trade policies. At press time, Ripple was down by 15% to trade at $1.80, which is its lowest price in two months.
Trump Tariffs Spark “Black Monday” Concerns
XRP price is dropping today as investors anticipate a deep correction across financial markets. Data from Google Trends shows that the search volumes for the term “Black Monday” have skyrocketed. This metric has soared to 100, as investors remain concerned that today’s dips might mirror the 1987 historic stock market crash.
The “Black Monday” chatter follows a crypto market crash as the total market cap plunged by 9% to $2.4 trillion. Meanwhile, the US stock market is headed for one of its worst trading days after S&P 500 futures dropped by 2.88%.
The brutal selloff comes as traders minimize their exposure to risk assets due to tariffs that have sparked a US-China trade war.
According to CNN, Trump addressed the market concerns on Sunday saying he was “open to talking” but revealed no plans to ease his policies. He said,
“What’s going to happen with the market? I can’t tell you, but I can tell you, our country has gotten a lot stronger, and eventually it’ll be a country like no other.”
As these tariffs weigh on financial markets, XRP price is witnessing one of its most brutal selloffs this year, as surging liquidations spark concerns about a dip to $1.
Ripple Liquidations Soar to $40M
Data from Coinglass shows a massive surge in liquidations, with more than $40M open positions on XRP being wiped out. $36M of the liquidated positions were longs, which caused additional sell-side pressure that pulled XRP price down.
At the same time, Ripple’s open interest has plunged below $3 billion while the funding rates have flipped negative. This indicates a bearish market sentiment as short sellers anticipating the price to plunge further outpace long buyers.
XRP Price Analysis as 44% Crash Looms
The one-day price chart shows that XRP price has dropped from a key support zone. After breaching this zone, Ripple also fell below the 200-SMA, confirming a trend shift from bullish to bearish.
At the same time, the 50-day SMA was forming a bearish crossover with the 150-day SMA. Once this crossover is confirmed, XRP price faces a steep downtrend.
Technical indicators support this bearish XRP price prediction. The RSI has declined to 30, which shows intense selling pressure. However, an oversold RSI might also suggest that the downtrend is nearing exhaustion.
As these bearish trends prevail, XRP price may plunge by 44% to $1. This outlook aligns with the sentiment shared by top trader Peter Brandt. He noted that an XRP drop to $1 was brewing if it lost support at this critical support zone.
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