XRP experienced a significant drop, erasing its recent gains after hitting a record high of $3.65 last week. The cryptocurrency's value fell by over 15%, trading at approximately $3.09. This decline is part of a broader market trend, as other major altcoins like Solana and Dogecoin also faced losses. Analysts attribute the drop to macroeconomic factors and market exhaustion following a period of rapid growth. Investors are now eager to see if the Federal Reserve will cut interest rates, as lower rates typically favor risk assets like cryptocurrencies. The recent record high for XRP came after a prolonged absence from peak valuation seen in the last bull market of 2021, signaling strong investor faith in Ripple's vision for a compliant blockchain. Despite the pullback, there is optimism that XRP may rebound, particularly as retail investors remain interested after the resolution of a long-standing lawsuit with the SEC, which could be viewed as a de-risking factor for potential buyers.

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