XRP ( XRP ) fell on April 7, down 4% in the last 24 hours to trade at $2.07, fueled by a mix of macroeconomic uncertainty, market dynamics, and technical factors. XRP/USD daily chart. Source: Cointelegraph/ TradingView Key catalysts driving the XRP prices lower today include: Crypto falls as US tariffs breed uncertainty in global markets. Export restrictions on Nvidia have further dampened sentiment for risk assets like XRP. Continued rejections at the $2.17 resistance level. XRP's rising wedge pattern signals a potential price plunge to $1.60. XRP drops in tandem with crypto market The bearish sentiment was not only exclusive to XRP as crypto prices dropped across the board , fueled largely by the US-China trade war . Bitcoin ( BTC ) is down 2% over the last 24 hours. While Ether ( ETH ) has lost more than 3% of its value over the last 24 hours to trade just below $1,600. Solana ( SOL ), Cardano ( ADA ), and Sui ( SUI ) bore the brunt of today’s market drawdown among the top-cap cryptocurrencies, each posting more than 5% daily losses. As a result, the global crypto market capitalization is down 2.6% on the day at $2.64 trillion. 24-hour performance of top-cap cryptocurrencies: Source: Coin360 This broader correction stems from uncertainty surrounding possible US-China trade talks and the latest restrictions on tech exports. On April 16, the White House said that US President Donald Trump is open to making a trade deal with China, but the ball was in Beijing’s court. This has turned traders risk-off as they wait on the potential resolution. “Olive Branch or Retreat?,” trading firm QCP Capital asked in an April 16 Telegram note to investors, arguing that in spite of both sides maintaining a hawkish public posture, cracks were beginning to emerge. QCP Capital pointed out that the White House’s over-the-weekend tariff exemption on tech products (smartphones, computers and chips) was answered by “China’s 'complete cancellation' of their reciprocal tariffs.” “So who blinks first? Washington is angling for leverage, while Beijing seeks room to breathe. Yet neither can afford to project weakness.” Additionally, export restrictions on Nvidia , a key player in AI and tech, have dampened sentiment for risk assets like XRP. This risk-off sentiment has driven investors toward safe havens like gold, which is hitting new record highs . XRP price validates a rising wedge pattern XRP has confirmed a rising wedge pattern on the daily chart after closing below the support line of the wedge at $2.15. In technical analysis, a rising wedge is a bearish reversal chart pattern that comprises two converging trend lines that connect higher lows and higher highs. This convergence indicates weakening upward momentum. The pattern resolves when the price breaks below the lower trendline, suggesting a potential price decline. XRP is currently testing the support level at $2.00 after the wedge’s lower trendline turned into resistance on April 15. A key level to watch for a possible bounce is the four-hour support around $1.90. However, a high-volume move below this support level could accelerate the XRP lower. The maximum loss target from the wedge’s height indicates that XRP could drop to $1.73 or revisit the starting point of the rising wedge at $1.60 over the next few days. This would represent another 23% drop from the current level. XRP/USD daily chart. Source: Cointelegraph/ TradingView The relative strength index (RSI) has dropped from 67 to 48 over the last three days, indicating an increasing bearish momentum. Related: XRP price analysts project $10 next, ‘optimistic’ target of $20 Meanwhile, crypto analyst CasiTrades said that the lower trendline of the wedge around $2.17 continues to “act as a strong ceiling” for XRP. “As of now, we don’t have a new high or low, so there’s still no confirmation of the next move,” CasiTrades explained, adding: “If this rejection continues to play out, support at $1.90 and $1.55 remains firmly in play.” XRP/USD hourly chart. Source: CasiTrades This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
