XRP recently hit a new record of $3.65 but has since seen a decline of over 15%, trading around $3.09. This drop is occurring alongside a broader market downturn affecting most major altcoins, including Solana and Dogecoin. Analysts attribute XRP's retreat to macroeconomic factors and overall exhaustion in the cryptocurrency market. Katie Talati, an Arca Director of Research, suggests that investors are waiting on potential interest rate cuts from the U.S. Federal Reserve, which could influence crypto markets positively. Notably, XRP's recent high followed a long period of lackluster performance since the last bull market in 2021, providing validation for Ripple's vision. The founder of Ripple, Chris Larsen, was seen moving over $140 million worth of XRP, indicating potential sell-off intentions among large stakeholders. Despite the corrections, analysts see potential for XRP to recover as it remains popular with retail investors after the resolution of a longstanding lawsuit with the SEC, which some view as decreasing investment risk.

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