XRP (XRP) has experienced a 5.5% decline today, dropping to $0.59, continuing its recent pattern of volatile trading sessions. Initially, the downturn in XRP's price began in March, after reaching a peak of $0.74 for that period. Since then, it has declined by approximately 18.5%, with several contributing factors exacerbating its decline.

The decline in XRP's price coincided with similar sharp drops across the crypto market as risk investors reassess the trajectory of the Federal Reserve's interest rate reductions following strong U.S. manufacturing data. The Institute for Supply Management’s (ISM) manufacturing index rose by 2.5 points to 50.3 last month, indicating a reversal in declining manufacturing activity over the past 16 months. This suggests that the Fed might limit its rate cuts to two this year instead of the previously anticipated three. Lower interest rates typically benefit cryptocurrencies like XRP, as they become more attractive compared to interest-bearing assets.

Additionally, the recent decline in XRP's price aligns with a decrease in the number of its wealthiest addresses, indicating that these "whales" may be selling or redistributing their holdings. This sentiment is consistent among holders of smaller XRP amounts, suggesting a decline in smaller investors. The decline in XRP's dominance index further highlights the persistent capital outflow from XRP to other cryptocurrencies, attributed in part to the pending SEC lawsuit against Ripple.

From a technical perspective, XRP's price decline is part of its fluctuations within an ascending triangle pattern. The cryptocurrency's next downside target is around the triangle's lower trendline, near its 200-week exponential moving average (200-week EMA), at approximately $0.52 by mid-April. Conversely, a breakout above the triangle's upper trendline could propel the XRP price to $0.74, its local peak from March 11.