Ripple’s XRP experienced a significant plunge today, dropping by 17% in just 24 hours to reach $2.34. This steep decline is attributed to broader cryptocurrency market volatility triggered by the announcement of 100% tariffs on China by former US President Trump, effective November 1st. 100% tariffs are expected to impact global trade and finance, leading to a selloff in various cryptocurrencies. Ripple Labs, led by CEO Brad Garlinghouse and CTO David Schwartz, witnessed institutional sales of XRP worth $50 million per day further contributing to the drop. Despite this downturn, no official statements have been released from leadership. However, analyst reports suggest that the market’s volatility is driven by geopolitical tensions, especially with the potential impact of these tariffs. 17% drops in price are a stark reminder of how volatile the crypto industry is and how it can be affected by global events.