XRP Plummets 5% on Fed Chair's Hawkish Comments

XRP has seen a significant decline in value following Federal Reserve Chair Kevin Warsh's hawkish comments on inflation during his first Jackson Hole speech.

Warsh reiterated that the Fed continues to stick to its 2% inflation target, emphasizing that price pressures remain elevated. He noted that 54% of PCE inflation components had risen by more than 3% over the past 12 months, citing 'none of these measures are perfect, but they all tell a similar story: inflation is running above our 2 percent target.'

The Fed chair's comments have had a ripple effect on various risk assets, including cryptocurrencies. The XRP price dropped to around $1.38 on Friday, down roughly 5% over the past 24 hours according to CoinGecko data.

Despite this recent decline, XRP remains substantially above its recent levels, with a gain of roughly 39% over the past month.