XRP joined a sweeping crypto market slide as digital assets and crypto-related equities suffered significant losses following a sentiment shift ahead of Federal Reserve commentary. On Tuesday, major cryptocurrencies, including bitcoin and XRP, saw sharp declines, with confidence faltering among investors.

Crypto Market Sees Red as Leading Equities Plunge

Crypto-related stocks experienced sharp drops as broad market uncertainty weighed heavily on digital asset exposure. MicroStrategy (MSTR), known for holding the largest corporate cache of bitcoin, plummeted by 7.8% to close at $336—the company’s lowest valuation since April 22. This reflected a wider sentiment across crypto-focused businesses.

Firms holding large Ethereum (ETH) reserves also faced steep declines. SharpLink Gaming (SBET) and BitMine (BMNR) each fell between 8% and 9% in trading, reacting to broader headwinds in the digital asset sector. Meanwhile, companies focused on Solana, such as DeFi Development (DFDV) and Upexi (UPXI), felt even more pressure—dropping by 13.7% and 9%, respectively.

Digital Asset Investment Giants on the Defensive

Galaxy Digital (GLXY), a leading digital asset investment group, saw its share price fall by 10% during the session. Major trading platforms also weren’t spared. Robinhood (HOOD) dropped 6.5%, while Coinbase (COIN) experienced a 5.8% dip, shedding market value as trading volumes softened.

Bitcoin mining companies followed the same grim pattern. MARA Holdings (MARA), a prominent BTC miner, declined by nearly 6%. High-performance computing crypto firms, including Bitdeer (BTDR), IREN (IREN), and Hut 8 (HUT), reported losses near 10%, extending a selloff that compounded pressure on the crypto equity space.

Investor Caution Increases Ahead of Fed Speech

Market participants began pulling back early this week as anticipation mounted ahead of Federal Reserve Chair Jerome Powell’s upcoming address at Jackson Hole, Wyoming. Historically, speeches from Powell at this event have often contained key policy signals, and traders are bracing for a potential hawkish tone—an outcome likely to reinforce tight monetary conditions and reduced risk appetite among crypto investors.

The combination of macroeconomic uncertainty and weakening sentiment has triggered a re-evaluation of risk across both crypto tokens and blockchain-affiliated equities. XRP was no exception, following the wider downward drift influenced by doubts in speculative assets.

For deeper insights on recent movements in crypto markets, read the full analysis at Bitcoin Drops Below $114K, Ether Loses $4.2K as Jackson Hole Speech Might Bring Hawkish Surprise.

Related: XRP Price: $12M Max Pain for Bears

A chart illustrating the steep drop in leading crypto equities amid market-wide selloff.