Why XRP Is Sinking Today
XRP (CRYPTO: XRP) is losing ground in Tuesday’s trading. The cryptocurrency’s token price was down 5.6% over the past 24 hours, as of 4:30 p.m. ET. Meanwhile, the price of Bitcoin was down 5.4%, and the price of Ethereum was down 8.2%.
XRP’s token price is falling in conjunction with the latest round of economic data from the U.S. Bureau of Labor Statistics (BLS). The cryptocurrency is also being pressured by rising U.S. Treasury bond yields.
The BLS published its latest Job Openings and Labor Turnover Summary (JOLTS) report this morning, and the results helped kick off an uptick in bearish market sentiment. The JOLTS report showed that there were 8.1 million job openings in November, coming in ahead of the 7.7 million that had been forecast by analysts. The job opening numbers also represented a significant jump from the 7.8 million openings that had been recorded in October.
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