XRP (CRYPTO: XRP) deepened its decline Thursday as cryptocurrencies tumbled amid growing macroeconomic uncertainty.

XRP Sees Heavy Sell-Off

The fourth-largest cryptocurrency by market capitalization slid over 5% over the last 24 hours, while a 40% surge in trading volume indicated heavy selling pressure.

XRP’s 24-hour losses exceeded those of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). The $9 billion asset was down over 10% in a week. Stronger-than-expected economic data dashed interest rate cut hopes, sending stock and cryptocurrencies lower.

Meanwhile, XRP’s open interest dropped 1.79%, with roughly $1.5 billion in futures contracts wiped out in the last seven days, according to…

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