Warsh Hawkish Warning Sends XRP Price Plummeting

XRP's price dropped by around 5% on Friday after Federal Reserve Chair Kevin Warsh delivered a hawkish message on inflation during his first Jackson Hole speech.

Warsh emphasized that U.S. interest rates could remain elevated or even move higher, citing data showing that 54% of Personal Consumption Expenditures (PCE) inflation components increased by more than 3% over the past 12 months.

'None of these measures are perfect, but they all tell a similar story: inflation is running above our 2 percent target,' Warsh said.

XRP had earlier traded as high as $1.47 before reversing course and falling to around $1.38.