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Live XRP/USD Chart

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XRP suffered losses after growing tensions between President Trump and Tesla CEO Elon Musk escalated into a full-fledged feud.

The president and Musk exchanged a quick series of tit-for-tats.

Trump expressed his disappointment with Musk and questioned whether his criticism of “big, beautiful” bills was genuinely motivated by the U.S deficit’s rapid growth.

Musk retaliated over X, claiming that without him, the president would not have won the election.

 XRP fell 5% yesterday after dropping 2% on Wednesday.XRP closed at $2.13, its lowest level since April 21. The crypto market turned bearish as Bitcoin oscillated near the $100k amid rising tension between the world’s most influential men

The token notably underperformed the overall market, which saw a 3.63 percent decline to $3.1 trillion in total cryptocurrency market capitalization. Additionally, the president suggested on social media that he could revoke government subsidies and contracts essential to Musk’s business empire

Musk responded that he would dismantle SpaceX’s Dragon spacecraft and even gave his former approval to the plan.

The world’s richest man changed his remarks regarding the administration in recent days by calling the bill a “disgusting abomination” and threatening primary lawmakers who support it.

Tesla’s market correction occurred as Musk concluded his tenure as Trump’s Department of Government Efficiency. The EV manufacturer saw a 22 percent rally in May amid weak sales figures.

This year, shares have dropped more than 20%, a peak of $488.54 in December 2024. Musk has appeared to be at odds with the Trump administration and launched a full-scale attack against the president’s signature tax-cut bill since his special government employee term ended on Friday.

Tesla faced significant challenges, a decline in brand recognition in the West, and a sharp dip in sales of its electric cars in key European markets.

Tesla is also under pressure to introduce a driverless, long-delayed ride-hailing service in Austin this month. Although Tesla is testing driverless vehicles in that market, according to Musk, Waymo, its main rival, already has a significant commercial robotaxi service in collaboration with Uber.