XRP News Today: Crypto Market Drops 0.97% to $3.33 Trillion Amid FOMC Uncertainty

The crypto market is currently experiencing a downturn, with the total valuation dropping by 0.97% to $3.33 trillion. This decline is primarily driven by macroeconomic uncertainty surrounding the Federal Open Market Committee (FOMC) meeting, where no immediate rate cuts are expected. Investors are carefully watching for signals on future policy shifts, leading to a cautious approach in the market. The anticipation of the US Federal Reserve's policy meeting has further exacerbated the market's volatility, as participants await clarity on future economic directions.

Geopolitical tensions have also played a significant role in the market's decline. Recent geopolitical shifts, including the ominous message posted by the US President about Tehran, have added to the market's uncertainty. These developments have caused a ripple effect, leading to a dip in the cryptocurrency markets, particularly in Bitcoin and other major cryptocurrencies.

Despite the overall market downturn, Bitcoin has shown relative resilience, holding firm against the broader market trends. This stability can be attributed to its status as a leading cryptocurrency and its perceived safe-haven status during times of uncertainty. However, the market's technical setup suggests that the uptrend may continue, despite the current volatility.

The market's reaction to these events highlights the sensitivity of the crypto market to both macroeconomic and geopolitical factors. As the FOMC meeting approaches, investors are likely to remain cautious, awaiting further developments that could influence the market's direction. The current market conditions underscore the importance of staying informed about global economic and political events, as they can have a significant impact on the crypto market.

In the past 24 hours, 106,815 traders were liquidated across exchanges, with total losses tallying to $363.46 million. The largest single liquidation order was a $3.32 million SOLUSDT trade on Binance. This wave of forced closures reflects the vulnerability of leveraged traders in volatile markets, especially amid unclear macroeconomic signals.

Bitcoin is currently priced at $106,170.88, down 0.92% over the past day, with a market cap of $2.1 trillion. Ethereum follows with a drop of 2.67%, now trading at $2,550.01. Solana and XRP have mirrored this weakness, both slipping by 3.61%, with Solana priced at $150.68 and XRP also at $150.68 at press time.

Top gainers include Pendle, Bitcoin Cash, and Monero, while SPX6900, ImmutableX, and ZCash led the declines. The Fear & Greed Index stands at a neutral 53, reflecting marketers awaiting a clear direction. The Bitcoin dominance has inched up to 63.9%, while Ethereum lags at 9.4%, and the Altcoin Season Index remains subdued at 23/100, highlighting a lack of momentum outside the major caps.