The crypto market is continuing to see tremendous selling pressure as part of the broad-based decline in the US equities market.
The Bitcoin price dipped 15% below its all-time high, trading as low as $92,175 on Friday. BTC’s slide resulted in a bloodbath for altcoins, with Ethereum, Solana and meme coins amongst the worst performers.
Despite its price going down as well, XRP has fared better than most large-cap altcoins. The double-bottom pattern on its price chart also signals that XRP could be one of the best cryptos to buy for the market rebound.
Crypto crash price predictions from experts also suggest that low-cap crypto coins could see explosive growth when the bull market resumes.
Why Is XRP Going Down?
The XRP price crashed 30% from its 2024 high of $2.80, trading as low as $1.97.
Interestingly, Ripple’s highly-anticipated RLUSD stablecoin launch marked the local top for the cryptocurrency, Unsurprisingly, XRP slipped below Tether (USDT) to become the 4th-largest cryptocurrency, with a market capitalization of $124 billion at press time.
The XRP price dip is a part of the broader crypto crash, which was sparked by Fed Chair Jerome Powell’s hawkish stance regarding future interest rate cuts. Powell noted that the US Fed will be more cautious with reducing rates in future FOMCs.
The latest Survey of Economic Projections (SEP) also saw Fed members revise-up their interest rate and inflation projections, a bearish sign for risk assets, and the cryptocurrency market.
However, Powell did claim that inflation levels will eventually slide to 2.0%, revealing that the US economy will have another good year in 2025, which bodes well for Bitcoin and altcoins like XRP. $XRP