Greetings,
Small loop is also meaning the lowest size package, i.e. smallest inductance possible?
Yes.
What about the piezzo electric effect of X5R ceramic ?
That makes the circuit somewhat microphonic. When it is the reference that's being decoupled, you'll get intermodulation between the vibrations picked up by the capacitor and the desired signal. How serious that is will depend on how strong the vibrations are; I've never noticed it in the measured results of a DAC with X5R reference decoupling, but then again, the PCB was not intentionally subjected to vibrations.
I would pay attention if the whole thing is a CD-Player or turntable, also if there is a HDD in your setup stack. Otherwise, ignore it, or cover the whole PCB in epoxy 😉
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