XRP Price Tumbles Amid Fears of US Rate Hike

The price of XRP fell by 2.83% to $1.41 over the last 24 hours, underperforming Bitcoin's 1.63% drop, following a broad crypto sell-off triggered by strong U.S. jobs data that raised fears of a Federal Reserve rate hike.

The market-wide reaction was driven by a strong U.S. jobs report on September 4, which showed 162,000 nonfarm payrolls, far exceeding expectations and increasing bets on a Fed rate hike.

Crypto analysts and traders attributed XRP's drop to a broader, rates-sensitive crypto correction rather than a coin-specific catalyst.

The decline triggered a cascade of long liquidations, with $15.65 million in XRP positions being liquidated in 24 hours, with 95.8% of the positions being longs.