XRP Price Tanks After Warsh's Hawkish Inflation Comments

XRP's price has dropped sharply following Federal Reserve Chair Kevin Warsh's hawkish comments on inflation during his first Jackson Hole speech. The cryptocurrency plummeted to around $1.38 on Friday, down roughly 5% over the past 24 hours according to CoinGecko data.

The price drop comes after Warsh confirmed that the Federal Reserve continues to stick to its 2% inflation target and argued that price pressures remain elevated. He noted that 54% of PCE inflation components had risen by more than 3% over the past 12 months, stating 'None of these measures are perfect, but they all tell a similar story: inflation is running above our 2 percent target.'

The Fed chair also emphasized that short-term interest rates remain the central bank's primary tool for achieving its dual mandate. The Federal Reserve could consider raising rates as soon as its September meeting if inflation fails to improve.