XRP dropped significantly after reaching a record high of $3.65 last week, with prices falling to $3.09, marking a drop of over 15%. This decline reflects a broader downturn in the cryptocurrency market, impacting other major altcoins like Solana and Dogecoin. Analysts attribute this retreat to macroeconomic factors and market exhaustion, particularly as investors await potential interest rate cuts from the U.S. Federal Reserve. Historically, the third-largest digital asset has benefited from favorable market conditions. Despite the recent drop, experts believe XRP has room for further gains, especially after the recent conclusion of a long-standing lawsuit with the SEC which has made the token more appealing to retail investors. The founder of XRP, Chris Larsen, recently moved over $140 million worth of XRP to exchanges, suggesting readiness for profit-taking amid its price surge. Overall, while short-term volatility is present, institutional confidence in Ripple's framework and regulatory compliance may support XRP's upward potential.

Source 🔗