Hawkish Fed Slams Crypto Market, But XRP's Institutional Transformation Continues Unabated

The Federal Reserve's hawkish tone has sent shockwaves through the crypto market, causing XRP to dip by 4.4% to $1.39.

This comes after Fed Chair Kevin Warsh described inflation as 'still too high' and emphasized that the central bank has 'work to do', leading to a rise in rate-hike odds from 35% to above 60%.

The ripple effect of this sentiment shift was felt across the broader crypto complex, with Bitcoin briefly dipping under $77,000 before recovering, while the aggregate cryptocurrency market capitalization shed approximately $80 billion to settle near $2.72 trillion.