The cryptocurrency market has taken a toll over the last few days. The global crypto market cap has dipped 3.7% in the previous 24 hours to $3.49 trillion. Solana (SOL) and Ripple’s XRP follow the current downward trend.

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SOL and XRP’s Current Price Movements

SOL is down 2.6% in the daily charts, 3.3% in the weekly charts, 16.7% in the 14-day charts, and 18.1% over the previous month. Despite the dip, SOL has maintained some gains in the yearly charts, rallying 74.6% since December 2023.

XRP’s price, on the other hand, has fallen 3.6% in the daily charts, 6.7% in the weekly charts, and 7.8% in the 14-day charts. The asset has rallied 59.1% over the previous month and 252.2% since December 2023.

Looking at their current price movements, Ripple’s XRP token seems to be outperforming Solana (SOL).

Why Is The Cryptocurrency Market Down?

The latest market dip could be due to inflation in the US rising to 2.7%. The Federal Reserve took a hawkish monetary stance at its recent FOMC meeting. The Fed announced two interest rate cuts in 2025 instead of three. This development may have spooked investors from risky assets. SOL and XRP may have suffered the consequences of the Fed’s decision.

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Solana Or XRP: Which Will Hit An All-Time High First?

According to CoinCodex, Ripple’s XRP token will hit a new all-time high of $4.59 on Mar. 11, 2025. Hitting $4.59 from current price levels will entail a rally of about 111.5%.

On the other hand, CoinCodex anticipates Solana (SOL) to hit a price of $220.41 on Mar. 11, 2025. Reaching $220.41 from current price levels will translate to a rally of about 16.08%.

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By CoinCodex’s estimates, Ripple’s XRP token will hit an all-time high before Solana (SOL).