Ripple (XRPUSD) slides by 1.01% to $1.41 due to sustained selloffs in the crypto market. The price slump was primarily driven by sustained institutional selling pressure via ETF outflows and a deeply negative derivatives market.

The global crypto market dropped by about 2% in the last 24 hours to $2.3 trillion on Thursday, primarily driven by a hawkish Federal Reserve policy signal.

The global crypto market capitalisation inched lower to $2.32 trillion on Wednesday, primarily driven by Bitcoin (BTC) and Ethereum (ETH) selling pressure from institutional outflows.

Ripple (XRPUSD) is trading at $1.47, about a 100 basis point surge in 24h, outperforming a declining Bitcoin and its own sector, primarily driven by a technical bounce from a key Fibonacci support level.

Bitcoin (BTCUSD) has lost about 25% from the beginning of the year to date, and crypto analysts and the investment community have already marked the digital coin for a red first quarter in history.

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