XRP News Today: Crypto Market Drops 0.97% Amid Rising Liquidations and FOMC Caution

The crypto market is experiencing a downturn today, with the total market capitalization decreasing by 0.97% to $3.33 trillion. This decline is attributed to a combination of factors, including rising liquidations and macroeconomic caution. Over the past 24 hours, a significant amount of trader positions have been wiped out, totaling $363.46 million. The largest single liquidation order was a $3.32 million SOLUSDT trade on Binance, highlighting the vulnerability of leveraged traders in volatile markets.

The ongoing Federal Open Market Committee (FOMC) meeting is a key driver of caution in the market. Investors are closely monitoring the meeting for signals on future policy shifts, although no immediate rate cuts are expected. Meanwhile, U.S. equities are slightly outperforming, with the NASDAQ up 1.52%, the S&P 500 rising 0.94%, and the Dow Futures gaining 0.75%. This shift in investor capital to outperforming equities has contributed to a risk-off sentiment in the crypto market.

Bitcoin's dominance has inched up to 63.9%, while Ethereum lags at 9.4%. The Altcoin Season Index remains subdued at 23/100, indicating a lack of momentum outside the major cryptocurrencies. Bitcoin is currently priced at $106,170.88, down 0.92% over the past day, with a market cap of $2.1 trillion. Ethereum has dropped by 2.67%, now trading at $2,550.01. Solana and XRP have both slipped by 3.61%, with Solana priced at $150.68 and XRP also at $150.68 at press time.

The market's reaction to macroeconomic uncertainty and the shift in investor capital to outperforming equities has led to a risk-off sentiment in the crypto market. The sharp rise in liquidations, with a total of $363.46 million wiped out in the past 24 hours, has further exacerbated the downturn. The largest single liquidation order, valued at $3.32 million on Binance, reflects the vulnerability of leveraged traders in volatile markets. The ongoing FOMC meeting and the lack of momentum outside the major cryptocurrencies have also contributed to the market's caution.