Twists and turns are regular in the markets, it seems! #XRP now finds itself diving below the crucial $0.60 threshold, sparking concerns among enthusiasts.
As the crypto landscape grapples with recent setbacks, investors are keen to uncover the reasons behind XRP’s downward trajectory.
What next? Let’s read on.
Market Meltdown
XRP’s troubles reflect broader woes in the crypto realm. Major players like Bitcoin, Ethereum, and Solana have all witnessed significant price drops.
Bitcoin slid by around 6.70%, Ethereum by 8%, and Solana by a hefty 10%. This widespread decline has undoubtedly impacted XRP, mirroring similar percentage downturns.
Macro Matters in Focus
Macro-economic shifts originating from the United States have sent shockwaves across the cryptocurrency sphere, exacerbating XRP’s plight.
The change in the US Manufacturing Purchasing Managers’ Index (PMI) for March, from 52.2 to 50.3, has fueled speculation among traders regarding a potential Federal Reserve rate cut in June.
Despite Fed Chair Jerome Powell’s recent reassurances, uncertainty looms large, prompting investors to seek safer options like bonds.
