XRP's price movement today has been heavily influenced by the Federal Reserve's recent decision to cut interest rates by 25 basis points. This move, while anticipated, was accompanied by comments from Fed Chair Jerome Powell suggesting a potential pause in the rate-cutting cycle next year. These remarks triggered a sell-off in risk assets, including cryptocurrencies, leading to a significant drop in XRP's value. The market's reaction underscores the sensitivity of digital assets to macroeconomic signals, particularly those related to monetary policy.
Adding to the pressure on XRP was the aftermath of Ripple's RLUSD stablecoin launch. While the launch initially boosted XRP's price, the subsequent market correction has seen a reversal of those gains. The introduction of RLUSD has sparked discussions about the evolving role of XRP, especially as stablecoins become more prominent in cross-border transactions. Market expert Ali noted, “The Fed’s rate cut was expected, but Bitcoin and other assets fell sharply. This highlights the weak structure of the market.”
XRP's price has seen a marginal increase of 0.01% today, currently trading at $2.305792. It reached a high of $2.426021 and a low of $2.186578.