XRP Price Takes Hit as Inflation Concerns Weigh

XRP's price has taken a hit, falling by nearly 6% in the last week according to CoinGecko data. The token peaked at $1.66 on August 22, but its rally seems unsustainable right now.

The upswing was fueled by Bitcoin's reclaim of the $80,000 price level and the US Treasury's decision to increase bond buy backs, which led to a spike in liquidity that trickled into the cryptocurrency market.

However, Federal Reserve Chair Kevin Warsh's hawkish speech at the Jackson Hole event may have led to increased investor worry, as he emphasized rising inflation and hinted at a potential interest rate hike. Higher rates could lead to capital flowing out of the cryptocurrency market.