Bitcoin Tumbles, XRP Crashes 3%: India’s Tariff Shock Sends Crypto Into Tailspin
Crypto markets got sucker-punched today as Bitcoin led the downturn and XRP took a 3% nosedive. The trigger? India's surprise tariff announcement—because nothing spices up a volatile market like geopolitical curveballs.
Blood in the water for altcoins
While Bitcoin's drop grabbed headlines, the real carnage hit mid-caps. XRP's slump mirrors the sector's jitters—traders clearly didn't get the 'decoupling from traditional finance' memo.
Regulatory roulette strikes again
India's move proves regulators still treat crypto like a piñata. Meanwhile, institutional investors are probably whispering 'told you so' while adjusting their gold allocations.
Silver lining? This dip smells like opportunity for bulls who think 'buy the fear' isn't just a catchy Twitter bio. Just don't check your portfolio if you're eating breakfast.
Bitcoin, the world’s most valuable cryptocurrency, dipped by 1.02% in the last 24 hours and is now trading at $117,677.26. But Bitcoin isn’t alone in this pullback. XRP faced a bigger drop than most, falling over 3% to $3.08 in the past day. Several other top cryptocurrencies are also facing declines. Dogecoin has fallen over 5% to $0.2172, Cardano is down 4.68% to $0.7615, and chainlink lost 5.12% to trade at $17.35.
The decline came shortly after the U.S. President Donald TRUMP said the U.S. would impose a 25% tariff on goods imported from India starting August 1. He also warned of a 10% penalty for what he called “unfair trade practices.”
Trump accused India of high tariffs, trade restrictions, and continuing deals with Russia. His remarks caused concern among global investors, especially those holding cryptocurrencies like XRP that are exposed to international markets.
The overall crypto market cap now stands at $3.83 trillion, down 2.02% in the past day. The CMC100 index, which tracks the top 100 cryptocurrencies, is also down 1.84%. This shows that the selling pressure isn’t limited to just a few coins, it’s happening across the board.
Still, the market doesn’t appear panicked. With the Fear & Greed Index still above 60, investors are staying alert but not overly fearful.
Right now, Bitcoin is showing mixed signals. On the daily chart, there’s a hidden bullish divergence forming, which means the price might rise even though momentum indicators are showing a slight drop.
That said, bitcoin is now facing strong resistance around the $119,500 level. This zone is important because it’s a high-volume trading area and lines up with key technical levels, including the golden Fibonacci ratio. Unless Bitcoin breaks through these barriers cleanly, it might struggle to move higher in the short term.
