The price of XRP (CRYPTO: $XRP) has fallen 8% over the last 24 hours amid a broader pullback in the %Cryptocurrency market.
XRP has declined from $3.17 U.S. to a low of $2.94 U.S. over the past day as intense selling pressure grips the crypto market as hopes for a September interest rate cut in the U.S. fade.
XRP has been one of the best-performing cryptocurrencies this year. However, investors have also pulled back as U.S. President Donald Trump imposes new tariffs on foreign nations.
Market data shows that large holders of XRP have liquidated about $28 million U.S. of the cryptocurrency.
At the same time, more than 310 million XRP tokens valued at nearly $1 billion U.S. have been purchased during the current selloff, giving some hope for a price rebound.
XRP is currently trading at $2.98 U.S. per digital token, representing a minor recovery off session lows.
However, crypto analysts say that short-term sentiment towards XRP remains fragile amid liquidation and technical breakdowns below the $3 U.S. level.
Other cryptocurrencies, such as %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH), are also in the red to start the month of August.
