XRP has experienced a 3.5% decline over the past 45 hours, primarily driven by macroeconomic headwinds that are impacting the entire crypto market.
The current market conditions, including rising inflation and interest rates, have led to risk-off sentiment across the board, causing investors to liquidate leveraged positions in cryptocurrencies.
XRP's positioning made it particularly vulnerable to these pressures after its recent rally, which was triggered by positive regulatory news. The token had reached a resistance level near $1.60, and technical analysis suggests that this level is still a significant barrier for XRP.