XRP (XRP) Swings Wildly as Market Cap Briefly Dips Below Tether (USDT)

President Donald Trump’s extra tariffs on Canada, Mexico, and China have not only led to a significant decline in capital markets. Even the cryptocurrency

President Donald Trump’s extra tariffs on Canada, Mexico, and China have not only led to a significant decline in capital markets. Even the cryptocurrency sector also took the brunt of the global trade shake-up.

As of Monday morning, the 24-hour liquidations in leveraged crypto positions have already grown to $2.24 billion. The figures consisted of $1.88 billion longs and $361.03 million shorts.

Ethereum (ETH) and Bitcoin (BTC) continued to account for more than half of those numbers. Meanwhile, XRP liquidations summed up to $117.79 million, with $96.12 million longs and $21.67 million shorts shed during the period.

Along the way, XRP notably swung from a $2.91 high to a $1.95 low before recovering to $2.37 as of 7:00 AM UTC. This came amid an over 382% rise in its trading volume as $31.79 billion worth of the crypto asset moved across wallet addresses. The event resulted in the market cap of the token’s 57.7 billion circulating supply dipping to $137.72 billion, allowing Tether (USDT) to reclaim the third spot of the crypto market rankings by overall valuation.

Sell Signal for the Token in a Key Indicator

According to Ali Martinez, a prominent crypto trader and analyst on X, XRP could have gone down either way, even without factoring in the ongoing bleak macroeconomic conditions. He said the TD Sequential Indicator had been warning of a sell signal for the token a week ago within the three-day trends.

What’s worse is that we are not yet at the bottom rung of the drop based on Martinez’s analysis. Hence, he told his followers to either brace themselves for the ride or cash in their profits to build a cash reserve for the inevitable correction.

XRP to $70

The good news, however, comes from Egrag Crypto, who has been mostly bullish for XRP and BTC. His 21 EMA (exponential moving average) observations supplemented Martinez’s bearish outlook, with more possible price declines on the horizon. He warned that the slide could go as low as $2.30, with $1.90 being the “last line of defense.”

Nevertheless, the pseudonymous crypto personality’s long-term projection holds much promise for XRP. Based on its measured movement within an ascending channel over the years, XRP’s price could hit around $70.

The price could mean the token’s market cap rising to a staggering $4 trillion. The analyst added that the Elliot Wave count somehow supported the mind-blowing figures.

The analyst admitted, though, that “predicting the timing of such a move is tricky.” So, he claimed that a more plausible assumption involves XRP tapping the $300 billion market cap in the near future, which could bring its token’s value between $5 and $6 a pop.

On the other hand, if XRP mimics the previous cycle in 2017, its overall valuation could still soar to $1.1 trillion. In this case, its price could reach $20.