The current state of the digital currency market is witnessing a significant downturn affecting numerous cryptocurrencies. Among these fluctuations, XRP has experienced a noteworthy surge in trading volume, registering a 103% increase. Over the past 24 hours, XRP's trading volume skyrocketed to $2.21 billion, indicating a heightened level of engagement and interest from traders.

The broader cryptocurrency market faced a decline as investors reacted to strong non-farm payroll figures for May. The report revealed a notable increase of 272,000 jobs compared to the previous month's 175,000, surpassing the expected 190,000 mark. Despite this job growth, the unemployment rate rose to 4% for the first time since January 2022, leading to market uncertainty.

XRP encountered significant volatility during Friday's trading, dropping to $0.454 due to macroeconomic influences before experiencing a slight recovery. At the time of this analysis, XRP had decreased by 5.65% over the last 24 hours, trading at $0.4967.

The upcoming Federal Reserve meeting is anticipated to maintain interest rates unchanged in the following week and in July. However, data from the CME suggests a 68% probability of a rate cut in September, potentially impacting future market dynamics.

If XRP fails to surpass the 50 and 200 daily moving averages, around $0.524 and $0.576 respectively, it might rely on support near the $0.4294 level amidst the persistent market volatility.