After reaching a new record of $3.65 last week, XRP has seen a significant drop of over 15%, currently trading at around $3.09. This decline occurred amid a broader downturn in the crypto market, as major altcoins, including Solana and Dogecoin, also faced losses. Analysts attribute the drop to macroeconomic factors and investor exhaustion, indicating that recent strong price movements in the crypto market are often followed by sharp pullbacks. Uncertainty surrounding potential interest rate cuts by the U.S. Federal Reserve adds to this market volatility. Despite the recent decline, some analysts, like Katie Talati from Arca, believe XRP retains potential for growth due to its popularity among retail investors and the recent conclusion of a long-running lawsuit with the SEC, which may make the asset more appealing. Additionally, there are signs that large investors are repositioning their assets, suggesting further price dynamics ahead. Overall, while XRP has receded from its peak, it could still see upward movement.

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