XRP Suffers 4.5% Drop as Market Turmoil and FOMC Loom

Ripple's XRP has dropped by 4.5% on July 28, following a broader market downturn that saw the entire cryptocurrency market lose over $80 billion in value.

The price of XRP fell from its peak at $1.11 to $1.05, erasing a crucial support zone at $1.08-$1.10 that had previously halted its decline.

This drop is largely attributed to the market's overall trend, with investors reducing their exposure to risk-on assets like crypto ahead of the Federal Reserve FOMC meeting on July 29, where interest rate decisions will be announced.

An increase in liquidations also contributed to the price decline, creating a snowball effect that led to XRP's drop. However, ETF net flows remained positive, albeit at a modest $600,000, which did not suffice to prevent the price loss.