- US 10% tariffs went into effect April 5, with more expected on April 9.
- Bitcoin fell below $80,000 as the Yen carry trade unwound, hitting $77,020.
- April 10 CPI data could further shape sentiment across crypto markets.
The Securities and Exchange Commission (SEC) is expected to hold a closed meeting on April 10, with investors watching closely for signs of a potential resolution in the long-running case against Ripple Labs.
Market participants are particularly focused on whether the SEC will move to withdraw its appeal against the July 2023 ruling that programmatic sales of XRP do not qualify as securities.
The regulatory body has been silent for three weeks, despite Ripple CEO Brad Garlinghouse’s assertion that the appeal would be dropped. This uncertainty, combined with escalating US trade tariffs and global macroeconomic pressures, has significantly weighed on XRP’s price.
XRP drops 39% since January
XRP has dropped 39% since January 31, with Sunday, April 6, marking a sharp 10.38% decline. It closed at $1.9217 that day, reversing a 0.73% gain from the previous session, and is currently priced at $1.76.
Source: CoinMarketCap
This sharp downturn occurred against the backdrop of a broader 6.88% fall in the global crypto market, which now stands at a total market cap of $2.46 trillion.
A primary factor behind XRP’s decline is the SEC’s lack of action on the appeal. Unlike the Coinbase case—where the SEC swiftly dismissed proceedings following CEO Brian Armstrong’s remarks—the commission has yet to issue any public statement regarding Ripple.
The delay is causing investor anxiety and clouding the outlook for a potential XRP-spot exchange-traded fund (ETF), which could benefit from regulatory clarity.
At Thursday’s meeting, Acting Chair Mark Uyeda, Commissioner Hester Peirce, and Commissioner Caroline Cranshaw are expected to vote on the future of the case.
With a 2-1 Republican majority favouring the end of non-fraud-related crypto enforcement actions, the withdrawal of the appeal remains possible, though not confirmed.
US tariffs weigh on crypto
XRP’s legal uncertainty is unfolding at the same time as the reintroduction of US trade tariffs. On April 5, a 10% baseline tariff package introduced by President Trump took effect.
More tariff announcements are expected on April 9, adding further pressure to financial markets already rattled by recent sell-offs.
China, the European Union, and Japan have also introduced retaliatory measures, contributing to fears of a deepening global trade war.
These escalating tensions are pushing investors toward safe-haven assets and risk-off strategies, leaving cryptocurrencies—including XRP and Bitcoin—exposed to downside volatility.
XRP’s exclusion from discussions around a potential US Strategic Reserve Asset has further weighed on sentiment. Combined with the macroeconomic risks, this has limited the token’s ability to rebound even in the face of short-term recovery efforts.
Yen carry trade hits Bitcoin
XRP’s losses coincided with a broader crypto retreat, with Bitcoin (BTC) falling below $80,000 for the first time since March 11. BTC dropped to $77,020.
Source: CoinMarketCap
The fall was triggered by the unwinding of the Yen carry trade. As the Bank of Japan maintains its hawkish stance and the Yen strengthens, traders who borrowed in Yen to invest in higher-yielding assets are now exiting positions.
On April 7, the USD/JPY dropped to 145.108—a 3.23% slide—amplifying market fears.
Historically, such unwinds have impacted crypto prices. In August 2024, BTC dropped 8.85% following BoJ policy shifts. Now, a similar trend is emerging as global capital flows into lower-risk assets, leaving BTC and XRP exposed.
XRP outlook tied to SEC and CPI
Traders are now preparing for a volatile week ahead, with several data releases and regulatory decisions on the horizon. The April 10 CPI report will provide clarity on US inflation, which could influence Federal Reserve guidance and in turn affect risk asset performance.
For XRP, the key driver remains Thursday’s SEC meeting. A confirmed withdrawal of the appeal could reignite optimism around ETF approval and institutional adoption. Alternatively, continued silence may pressure the token closer to support at $1.7938.
While the ETF outlook and cross-appeal resolution present possible upside scenarios, the combination of elevated inflation, geopolitical tensions, and regulatory uncertainty continues to dominate sentiment.
