Following a devastating collapse earlier this week, XRP has staged a remarkable rally that took its price above the $2 mark. 

In a dramatic turnaround, the broader crypto market experienced a significant relief rally yesterday, with the prices of most assets soaring to lofty heights. XRP was not left out in the latest surge, as it rose above the $2 territory. 

XRP Rebounds Above $2 

The rebound comes days after XRP plunged to a multi-month low of $1.6401 on April 7 as ongoing tariff tensions escalated. This escalated tension prompted investors to retreat from risky assets, including crypto. 

Since the decline, XRP’s initial attempts to recover above $2 were unsuccessful. However, yesterday, XRP finally succeeded in breaking past the $2 territory. This comes after XRP’s price surged 15.3% to hit a daily high of $2.08 on April 9. 

Only Reason Behind XRP’s Surge 

Some enthusiasts have attributed XRP’s recent price gains to several factors, particularly the resolution of the SEC lawsuit and Ripple’s acquisition of Hidden Road. 

However, the major reason behind the surge is an announcement from U.S. President Donald Trump. The president issued a statement yesterday that temporarily halted all ‘reciprocal’ tariffs for 90 days. 

This indicates that the U.S. issued a three-month pause on tariffs it initially imposed in response to other countries’ tariffs. During this period, the U.S. will lower its reciprocal tariffs to 10%. 

However, the U.S. President excluded China from this benevolence. Instead, he raised China’s tariffs to 125%, noting that the increment was ‘based on the lack of respect the country has shown the world markets.’ 

Interestingly, major assets, including XRP, soared on the news. Bitcoin, which initially crashed to $74,400 on Monday amid the tariff tension, rebounded nicely to above $82,000.

Meanwhile, XRP has retraced slightly to $2.03 in the hours leading up to press time. With its 24-hour gains at 12.4%, XRP remains down 3.35% in the past week and 5.06% in 30 days.