XRP record hopes dwindle despite bullish Ripple news

Punters are losing faith in XRP’s ability to set records in the first half of 2025.

A bet on Polymarket put the chances of the Ripple-linked cryptocurrency’s price hitting a new high before July have plummeted to its lowest level ever at 4%, down from nearly 90% on the back of US President Donald Trump’s inauguration.

XRP has lost over 15% of its value in the past seven days, the worst showing among the top 20 cryptocurrencies.

It traded at $2.06 by lunchtime UK time, representing a 35% plunge since Trump took office on January 20.

The crashing price and bettors losing faith in XRP’s chances to reach an all-time high come amid a flurry of news that should’ve been rocket fuel for the token.

The US Securities and Exchange Commission has dropped its long-running lawsuit against Ripple, Trump has hinted that he’d like to include XRP in a national crypto stockpile — not to mention his promises to relax crypto rules in general.

Elsewhere, market watchers expect the SEC to soon approve XRP exchange-traded funds, and crypto exchange Gemini has unveiled a credit card that allows customers to earn XRP when they use it.

Trade war pressures

Punters’ lack of confidence in XRP’s ability comes amid a broader flush-out that has shaved 24% off of the overall crypto market’s value since Trump’s inauguration.

“The continued choppy market conditions reflect broader investor caution as markets absorb rising global uncertainty,” said Mena Theodorou, co-founder of crypto exchange Coinstash.

The key driver behind this value wipeout? Trump’s zig-zagging trade war with some of the US’ closest trading partners.

Trump’s sweeping new tariffs — set to be unveiled on Wednesday in what is being dubbed “Liberation Day” — have sparked fears of a global trade war.

The UK, EU, and Canada are preparing retaliation, and major Asian stock indices have already dropped sharply. Recession concerns are mounting.

“This has prompted investors to pull back from risk-on assets, with crypto following the broader retreat in equities, after $1.25 trillion was wiped from the US stock market ahead of the weekend,” Theodorou said.

Ripple developed XRP to facilitate cross-border payments.

Crypto market movers

• Bitcoin has lost 1.1% over the past 24 hours and is trading at $82,180.
• Ethereum is also down 1.1% over the same period to $1,815.

What we’re reading

• FDIC drops crypto pre-approval rule for banks as it ‘turns the page’ on Biden-era policy — DL News
• Data availability: crypto’s next frontier — Milk Road
• Galaxy Slapped With $200 Million Fine Over Luna ‘Manipulation’ and ‘Fraud’ — Unchained
• FTX readies $11.4bn in creditor repayments amid ‘27 quintillion-claim’ backlog — DL News

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.