XRP (XRP -3.43%) has lost ground over the last day of trading. The cryptocurrency's token price had fallen 3.3% over the last 24 hours as of 7:35 p.m. ET. XRP still ranks as the third-largest cryptocurrency by valuation and has a market capitalization of roughly $186 billion.

XRP has seen a valuation pullback over the last 24 hours of trading as investors have continued to take profits. XRP's token price is still up 57% year to date despite some volatile valuation swings.

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XRP is sinking as investors continue to take crypto profits

The crypto market has seen a strong bull run recently, with legislative wins and expectations that the Federal Reserve will cut interest rates this month, helping to spur big valuation gains for XRP and other top tokens. Bitcoin's valuation push above $123,000 per token also helped support bullish momentum in the broader crypto space, but investors have been taking a more cautious approach in subsequent trading.

What's next for XRP?

The Federal Reserve will meet tomorrow and the following day, and crypto investors will get important news that shapes the next big valuation trends in the market. Investors have been betting that the Federal Open Market Committee (FOMC) will deliver a cut in interest rates -- and that the FOMC will deliver at least one other rate cut this year.

While there's a lot of guesswork involved in charting the Fed's interest rate schedule, the recent bullish rallies for cryptocurrencies and stocks have significant rooting in expectations that the central banking authority will shift to a more dovish policy on rates. With key macroeconomic developments on the horizon, XRP could see big moves in the near term.