XRP recently achieved a record high of $3.65 but has since dropped approximately 15% to around $3.09, erasing last week's gains. This decline is part of a broader market trend where many altcoins have also fallen, with Solana and Dogecoin experiencing similar decreases. Analysts attribute this drop to macroeconomic factors and overall market exhaustion, which often leads to sharp pullbacks after significant price increases. The current market dynamics are influenced by expectations around potential interest rate cuts by the U.S. Federal Reserve, which could benefit risk-on assets such as cryptocurrencies. Despite the recent drop, some experts believe XRP still has the potential to rise further, particularly after a long-running lawsuit with the SEC concluded favorably for Ripple, enhancing investor confidence. XRP's recent high emphasizes its appeal among retail investors, aligning with Ripple's vision for a compliant blockchain suitable for institutions.

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