XRP Price Hinges on Bitcoin's Next Move as Derivatives Market Runs Wild

XRP's price has been under pressure in recent days, plummeting to as low as $1.05 and losing 2.9% over the past 24 hours. The token's open interest stands at a staggering $2.43 billion, which is roughly 6.85 times its spot volume. This derivatives-heavy market can move quickly when forced position-cutting surpasses what a thin spot market can absorb.

The Federal Reserve's July meeting is set to take place from July 28 to 29, with the policy statement and press conference scheduled for July 29 at 2 p.m. and 2:30 p.m., respectively. Markets are currently pricing a 65% chance of the Fed holding rates steady, but traders remain uncertain about the possibility of a hike and potential dissents.

XRP's price map centers around four zones, with immediate support at $1.05 and the main failure line at $1. The token's fate is heavily dependent on Bitcoin's direction in the coming days, as its beta to BTC stands at 1.45 during periods of stress.