- Even with the decline, Bitcoin is still over $107K which suggests it remains firm within the uptrend.
- ETH struggles to break above $2,710 amid EU trade tensions, holding near its key support at $2,518.
- XRP declines as political uncertainty and potential USD-backed stablecoin plans from major U.S. banks weigh on sentiment.
Cryptocurrency prices have fallen sharply as investors responded to geopolitical developments and growing uncertainty in the digital asset market. In a surprise statement, the former U.S. President Donald Trump confirmed that a 50% tariff would be imposed on all goods imported from the European Union, citing stalled trade negotiations and what he described as a lack of cooperation from EU leaders.
Following this news, Bitcoin (BTC) dipped below $110,000, marking a significant intraday loss, while Ethereum (ETH) and XRP also saw notable declines.
Bitcoin Faces Pullback but Holds Key Support Amid Bullish Outlook
Bitcoin, which had recently pushed to new highs, tumbled below $110 from a 4.5% 7 days surge. The steep fall wiped out recent gains and sent a wave of concern through digital asset investors. At the same time, Bitcoin’s market cap now stands at $2.14 trillion, with a 24-hour trading volume of $64.93B which is an increase of 10.66%.
As of May 24, Bitcoin was trading at $108, 146. 79, maintaining stability above a key support level at $107,156. Despite a slight 2.49% decline in the last 24 hours, the asset remains firmly positioned within a broader uptrend. According to analyst Ashcryptoreal, Bitcoin has entered the second phase of its ongoing bull run, with long-term projections setting targets between $150,000 and $200,000.
Ethereum Struggles at Resistance Amid EU Tensions
ETH’s price began to dip at the beginning of 2025, yet in the first quarter, it rebuilt its support with strong demand. Since mid-May, reaching the $2710 level has been a challenge for ETH. In addition, increased uncertainty with the EU has increased short-term uncertainty and prompted a more cautious view.
At press time, Ethereum was trading at $2,553.15 with a 4.0% price decline. Although ETH has gone down, it has remained close to its support level at $2,518.55 which suggests that buyers are holding the bottom of its current trading range. The 24-hour price range lies between $2,518.55 and $2,683.40, reflecting a modest spread amid declining momentum.
XRP Drops Amid Political and Stablecoin Uncertainty
XRP’s price also took a hit following recent moves by Trump, slipping a few points during the day. The token fell 2.33%, bringing its current value to $2.33, while trading volume dipped by 1.90% to $3.58 billion. The drop mirrors the cautious sentiment spreading across the digital asset space as political tensions add new layers of uncertainty.
In parallel to geopolitical tensions, XRP came under additional pressure due to fresh developments in the stablecoin sector. According to a report in the Wall Street Journal on Friday, four top U.S. banks—JPMorgan Chase, Bank of America, Citigroup and Wells Fargo—are reviewing the possibility of creating a USD-backed stablecoin. For now, the outlook for XRP remains unclear.
What Traders Need to Know Amid Market Volatility
Traders should monitor key support levels as geopolitical tensions and regulatory shifts drive volatility. Bitcoin holds above $107K, Ethereum hovers near $2,518, and XRP faces pressure from stablecoin competition. Caution is warranted, but bullish momentum persists long-term, especially for BTC, amid continued institutional interest and macroeconomic developments.
