XRP has experienced a significant decline after reaching a record high of $3.65, dropping over 15% to trade around $3.09. This downturn coincides with wider market declines affecting many altcoins like Solana and Dogecoin. Analysts attribute the drop to macroeconomic factors and market exhaustion after a notable rally. Investor sentiment remains cautious as they look to see if the U.S. Federal Reserve will adjust interest rates, which could impact investment in riskier assets like cryptocurrencies. Following a lengthy legal battle with the SEC, XRP is now perceived as a lower-risk investment, helping it maintain popularity among retail investors. Despite recent losses, some analysts believe XRP has potential for further gains as macro conditions evolve and liquidity increases in the broader economy.

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