XRP and SOL Lead Crypto Market Slide Ahead of FOMC

TL;DR

• Solana’s SOL and XRP are the worst performers among the top 10, losing 3% of their value each.

• Traders are eagerly awaiting today’s FOMC meeting outcome, with BTC also underperforming.

XRP and SOL Down 3% Amid Poor Market Conditions

XRP, the native coin of the Ripple ecosystem, and Solana’s SOL are the worst performers among the top 10 cryptocurrencies by market cap. The two cryptocurrencies lost 3% each in the last 24 hours, underperforming compared to the broader cryptocurrency market.

SOL is now trading at $147 per coin and could drop to the $140 support level if the bearish momentum persists. Meanwhile, XRP is trading at $2.15, down 3.5% in the last 24 hours, and risks dropping below the $2 psychological level. 

The bearish performance comes amid the ongoing conflict in the Middle East, with the United States increasingly involved. 

Furthermore, traders are awaiting the FOMC meeting today. Analysts are expecting the Federal Reserve to keep interest rates unchanged, which could see Bitcoin and other major cryptocurrencies underperform.

Bitcoin has dropped below the $105k level after losing 1.8% of its value in the last 24 hours. Thanks to the ongoing bearish momentum, the total cryptocurrency market cap has dropped to $3.28 trillion.