$XRP ,the fourth-largest cryptocurrency by market cap, is trading down as the broader crypto market faces selling pressure in the early Wednesday session.
The crypto market is on edge as investors anticipate a slew of key economic data. Investors are keenly anticipating a batch of fresh economic data that will provide insights into the health of the U.S. economy. Also, the personal consumption expenditures price index for March, the Federal Reserve's favored inflation gauge, is anticipated.
Bitcoin and the majority of crypto assets are trading in the red, with $328 million reached in liquidations in the last 24 hours, per CoinGlass data.
XRP itself was not immune to the bearish trend, down 6.35% in the last 24 hours to $2.137, and will mark its second day of dropping.
$3 billion $XRP reached in 24 hours
According to CoinMarketCap data, XRP trading volume has surpassed $3 billion in the past 24 hours, although XRP price stays in the red.
This decline comes after recent bullish attempts to break past key resistance levels, notably the daily SMA 50, which is now at $2.19, and has so far failed to produce a sustained breakout. The price retreat suggests short-term profit-taking or a cooling-off period following recent rallies.
