Why XRP Is Sinking Today

XRP (CRYPTO: XRP) is losing ground in Tuesday's trading. The cryptocurrency's token price was down 5.6% over the past 24 hours, as of 4:30 p.m. ET. Meanwhile, the price of Bitcoin was down 5.4%, and the price of Ethereum was down 8.2%.

XRP's token price is falling in conjunction with the latest round of economic data from the U.S. Bureau of Labor Statistics (BLS). The cryptocurrency is also being pressured by rising U.S. Treasury bond yields

XRP tumbles on jobs data and rising Treasury yields

The BLS published its latest Job Openings and Labor Turnover Summary (JOLTS) report this morning, and the results helped kick off an uptick in bearish market sentiment. The JOLTS report showed that there were 8.1 million job openings in November, coming in ahead of the 7.7 million that had been forecast by analysts. The job opening numbers also represented a significant jump from the 7.8 million openings that had been recorded in October

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What comes next for XRP?

XRP's token price will likely continue to be heavily shaped by the overall macroeconomic backdrop. Expectations for continued interest rate cuts have been a major catalyst in the current crypto bull market, and performance in the broader space will be impacted by inflation trends

The other big catalyst for XRP on the horizon is the upcoming change in presidential administrations. President-elect Trump will take office later this month, and crypto investors are looking for him and his team to usher an unprecedentedly favorable backdrop for cryptocurrencies. The political shift could have particularly important implications for Ripple and its XRP token