Why Did XRP Sink Today?

XRP (CRYPTO: XRP) fell on Thursday, down 6.8% as of 4:59 p.m. ET, as measured from 4 p.m. on Wednesday. The move comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) both lost 0.5% on the day.The banking-focused crypto is falling along with much of the market as investors await Friday's personal consumption expenditure (PCE) data.Many investors were hoping the Federal Reserve would cut rates by more than the 0.25% announced last week. That led to the forced liquidation of many leveraged positions that traders had taken ahead of the rate cut announcement. Lower interest rates typically reduce returns on safe assets, such as bonds, making riskier investments, like XRP, more attractive to investors.Continue reading