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Ripple (CRYPTO:XRP) is down 6% over the past 24 hours, sliding to roughly $1.14 by Thursday afternoon. The drop marks a sharp risk-off turn for the token even as U.S. equity benchmarks push higher on the session. It’s the kind of session where the macro headlines for stocks and cryptocurrency seem to be pulling in opposite directions.
Bitcoin (CRYPTO:BTC) is right behind XRP, off 5% over the same window to roughly $62,500. Ethereum (CRYPTO:ETH) joined the slide, with the total crypto market cap easing to about $2.15 trillion, a level near a yearly-low technical floor. Bitcoin and Ethereum had both been wobbling for weeks, but Thursday’s break is the cleanest sector-wide flush in some time.
The notable wrinkle is the divergence between asset classes for Bitcoin and Ripple. The NASDAQ 100 is trading 2.4% higher on the day, but digital assets are absorbing a fresh wave of selling. The Crypto Fear & Greed Index sits at 19, which is in “extreme fear” territory, while the equity-side CBOE Volatility Index (VIX) reads 16.68, which is within its normal range.
Hawkish Fed Hold Sparks a Dollar-Driven Selloff
The apparent catalyst traces back to Wednesday’s Federal Reserve decision. The Fed held its policy rate steady at 3.75% on June 17, but delivered a more hawkish signal on the path ahead, indicating fewer rate cuts than markets had been pricing in. Bitcoin and XRP both reacted sharply as a stronger U.S. dollar followed almost immediately.
A firmer dollar tends to reduce appetite for non-yielding risk assets like crypto, and the policy shift is hitting digital assets harder than stocks. The 10-year Treasury yield sits at 4.43%, still in the upper end of its 12-month range, which keeps pressure on speculative corners of the market. The 10-year minus 2-year spread has also compressed to 0.29%, a 12-month low, hinting at growing macro uncertainty alongside the hawkish Fed tone.
Leveraged Liquidations Amplify the Drop
Forced selling is a second piece of the story behind the Bitcoin and Ripple slide. More than $200 million in crypto long positions were wiped out within four hours, amplifying the move across the board. Bitcoin liquidations reached about $102 million over 24 hours, with 71% being long positions.
That cascade helps explain why cryptocurrency fell harder than stocks despite a shared macro trigger. Leverage in digital assets tends to compress timelines, turning policy-driven selling into a fast, mechanical unwind. Ripple, often a higher-beta name during risk-off bouts, absorbed an outsized share of the pressure even though the longer-term backdrop, with XRP down 35% year to date (YTD), was already weak coming in.
What to Watch Next
Two near-term catalysts are on the radar. The CLARITY Act markup discussion in the U.S. Senate stands out as a potential positive driver, with regulatory clarity historically supportive for XRP and the broader market. The 2026 Polymarket contract on the bill is trading near parity, with Yes at 0.495 and No at 0.505, reflecting genuine uncertainty on whether it gets across the finish line.
The next U.S. CPI release and further Fed commentary will help signal whether this hawkish pivot is a one-meeting adjustment or the start of a longer shift. Investors can watch for whether Bitcoin holds the $62,500 zone and whether XRP can defend the $1.14 area into the weekly close. The Fed Funds Rate has been pinned at 3.75% since December 10, 2025, so any change in tone carries real weight.
For now, the divergence between rallying equities and falling crypto looks like a function of leverage and dollar sensitivity rather than a broader market breakdown. Crypto remains inherently volatile, and today’s move on Bitcoin and Ripple is best read as risk repricing rather than a verdict on the asset class. The next data prints could decide whether the buyers step back in or the liquidation cycle continues.