After hitting a new record high of $3.65 last week, XRP has since dropped over 15%, trading at around $3.09. This decline occurred alongside a broader downturn in the cryptocurrency market, with major altcoins like Solana and Dogecoin also experiencing losses. According to Katie Talati, Arca's Director of Research, the decline is attributed to macroeconomic factors and market exhaustion, as substantial upward moves in crypto are often followed by sharp pullbacks. Many investors are now monitoring potential interest rate cuts by the U.S. Federal Reserve, which can impact risk-on assets like cryptocurrencies. Despite the pullback, analysts believe that XRP still has potential for growth, especially among retail investors who view the recent end of Ripple's long-standing legal battle with the SEC as a de-risked opportunity for investment. The founder of Ripple, Chris Larsen, recently moved over $140 million in XRP to exchanges, raising speculation about selling after the price increase, but some analysts remain optimistic regarding XRP's future growth prospects.

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