XRP price spikes 13% following XXRP ETF debut and Trump’s tariff relief

XRP surged 13%, climbing above $2 once again after the recent debut of the XXRP ETF on NYSE Arca and U.S. President Donald Trump’s surprise 90-day suspension of most reciprocal tariffs. The exception remains China, which faced a sharp increase of 125% in tariffs following its retaliatory actions against the U.S.

The ETF launch and macroeconomic news injected fresh optimism into XRP markets. However, technical indicators suggest caution, as bearish chart patterns continue to warn of a potential downside.

Picture XRP price spikes 13% following XXRP ETF debut and Trump’s tariff relief 2 | TON app

Bearish triangle points to possible 33% price fall

Since December 2024, XRP’s daily chart has been sketching a descending triangle, a bearish pattern typically formed when a flat support line meets falling resistance. This formation often signals a trend reversal after a strong rally.

XRP broke below the $2 support line on April 6, confirming the pattern. If this plays out, the price may drop toward the $1.20 mark by late April—a 33% decline from current levels.

Analysts caution further losses

Crypto trader CasiTrade highlighted in an April 8 X (formerly Twitter) post that $1.81 is a crucial level. If XRP falls below this mark, it could confirm a stronger move down. According to their Elliott Wave Theory analysis, the next area to monitor is $1.71 before a potential dip to $1.55—the “golden retracement” zone and likely endpoint of the ongoing correction.

Veteran analyst Peter Brandt also sees potential trouble for XRP. He pointed out a textbook head-and-shoulders pattern forming, which could pull the price as low as $1.07 if completed.

Picture XRP price spikes 13% following XXRP ETF debut and Trump’s tariff relief 3 | TON app

Will the XXRP ETF offset the bearish outlook?

Launched on April 8, the 2x leveraged XXRP ETF aims to double XRP’s daily performance. It arrived at a volatile time, with XRP dipping 7.4% within 24 hours to trade at around $1.71. Still, the ETF saw $5 million in volume on its first day—an impressive feat considering broader market turbulence.

Bloomberg ETF expert Eric Balchunas praised this launch, noting it placed XXRP among the top 5% of new ETFs in terms of debut volume, despite it being far behind heavyweights like BlackRock’s IBIT.

While the ETF’s success and Trump’s tariff pause sparked excitement, global trade tensions and market instability could continue to weigh on XRP’s trajectory. Investors should remain vigilant as the market absorbs these rapid developments.