Cryptos Mixed: Bitcoin, Ether Cautious, XRP Resilient After Trump Unveils 30% EU and Mexico Tariffs

Cryptocurrency markets slipped into mild losses on Friday, with most major tokens declining after President Donald Trump announced fresh tariffs on imports from Mexico and the European Union (EU). XRP, however, stood out as the exception, holding firm in positive territory.

Trump unveiled a 30% tariff on goods from both Mexico and the EU, scheduled to take effect on August 1, according to letters he posted on his Truth Social platform.

“Mexico has been helping me secure the border. BUT, what Mexico has done, is not enough,” Trump wrote in a message addressed to Mexican President Claudia Sheinbaum. In another letter directed to European Commission President Ursula von der Leyen, he described the EU’s trade relationship with the U.S. as “far from reciprocal.”

Earlier this week, the President also imposed tariffs on countries including South Korea, Japan, Canada, and Brazil, along with a steep 50% duty on copper, triggering volatility in commodities markets.

Bitcoin (BTC), the largest cryptocurrency by market cap, traded around $117,400 following the tariff news, down 0.6% from its European session high of $118,200. Despite several attempts since early Friday’s Asian trading session, BTC has struggled to secure a lasting hold above $118,000, according to CoinDesk data.

Ether (ETH), the second-largest crypto, dipped roughly 1% on the day (UTC) to around $2,930, after forming a neutral doji candle on Friday. Solana’s SOL and Dogecoin (DOGE) each dropped over 2%, while BNB was down 0.7%. XRP, meanwhile, continued to defy the market’s weakness, climbing 1.78% at the time of writing.

This softer market tone followed an earlier rally midweek, which saw bitcoin break decisively above its long-standing resistance at $110,000, sparking renewed enthusiasm among crypto investors. Still, some traders expect choppy sideways action through the weekend.

“Expectations this weekend are we chop around in tight range today. Then Asia comes in late on Sunday evening and buys ALL the Bitcoin, and we break through $120k,” the founders of newsletter service LondonCryptoClub posted on X.