XRP Price Dips Amid Macro Uncertainty, Ripple Expands GSmart AI
XRP's price dropped 2.89% to $1.35 on Friday amidst a broader market decline driven by fears of further Federal Reserve rate hikes and a hotter-than-expected U.S. Producer Price Index print.
The dual shock from the Fed and European Central Bank triggered a flight from risk, hitting crypto markets alongside traditional assets. The total crypto market cap fell 1.5%.
Ripple announced its GSmart AI expansion on September 10, but XRP's price action suggests traders expect further declines. On-chain data showed sell-side dominance in XRP's market, with a long-to-short ratio of 0.83 and negative funding rates.
The immediate catalyst is the U.S. Senate's procedural vote on the CLARITY Act scheduled for September 15, which could bring regulatory clarity to the crypto space.