XRP Price Plummets as Investors Await Fed Rate Decision and Cryptocurrency Regulation Clarity

XRP's price declined on July 28 due to investor caution ahead of the US Federal Reserve's interest rate decision, global market weakness, and uncertainty over delayed cryptocurrency legislation.

The token fell between 3% and 5% in the past 24 hours, trading around $1.06 USD, as investors reduced exposure to high-risk assets like cryptocurrencies.

Analysts believe XRP's near-term direction will depend on whether it can hold above the important psychological support level of $1.00.

The delay in advancing the US CLARITY Act, a proposed cryptocurrency regulation bill, has weakened short-term market confidence and contributed to the decline.