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Just been watching XRP and honestly the weakness has been brutal. Down about 32% over the past year and it's making me wonder why the crypto market down today keeps coming up in every conversation. I think it's more than just one thing though.
Gold and silver have been absolutely crushing it lately, which is weird because that usually doesn't happen when crypto's doing well. People are rotating out of volatile tokens into precious metals for that inflation hedge. Meanwhile stablecoins are eating into the narrative around tokens like XRP as actual payment methods. Why hold XRP when you can just use USDC or USDT for transactions? The adoption numbers for stablecoins are actually pretty solid right now.
Then there's the Fed situation. Everyone was hoping for rate cuts this year but the new Fed chair pick is looking more hawkish than expected. That's killed a lot of the bullish momentum we had earlier. Bitcoin's holding around 74K, Ethereum around 2.3K, but the broader market is definitely facing some headwinds. Curious to see if this is just a correction or something more structural shifting.