XRP has seen a significant drop since reaching a new record of $3.65 last week, falling about 15% to trade at approximately $3.09. This decline is amid a broader market downturn where major altcoins like Solana and Dogecoin also faced losses. Analysts attribute the drop to macroeconomic factors and overall market exhaustion, citing past volatile price movements that lead to pullbacks. Investors are holding off to see if the U.S. Federal Reserve will cut interest rates, which typically boosts risk-on assets like cryptocurrencies. Despite the current decline, XRP remains popular among retail investors, especially following the conclusion of a long-running lawsuit with the SEC, suggesting it might be viewed as a 'de-risked' investment. Katie Talati from Arca noted that while there are signals of selling from major holders like XRP's founder, the potential for future gains exists given the coin's strong retail support and improved investor sentiment overall.

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