XRP's price slid today, echoing a broader downturn across the cryptocurrency market as traders braced for key United States' jobs data. The report, expected to offer fresh clues about the Federal Reserve's interest rate strategy, kept the risk market on edge. Meanwhile, large holders, or "whales," have been distributing, adding pressure on XRP price.

Moreover, the XRP Ledger (XRPL) network, which powers XRP's transactions, has shown underwhelming performance metrics in the last quarter, the latest onchain data shows. XRP's price fell by as much as 2.75% to $0.53, reflecting a choppy trend wherein it has been fluctuating inside a trading range defined by $0.56 as resistance and $0.53 as support.

The trend reflects a growing bias conflict among XRP traders, primarily as they await the release of the US Labor Department's monthly jobs surveys of employers and households. Last month's survey revealed the unemployment rate had risen to 4.3% in July, a significant jump from 3.5% the previous year, signaling a slowdown in job growth.

Source: https://cointelegraph.com/news/why-is-xrp-price-down-today

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