XRP's Volatile Week Ahead of Fed Meeting

XRP's price is volatile ahead of the Federal Reserve's July meeting, which starts on July 28 and concludes on July 29. The token is trading near $1.06, down 2.9% over the past 24 hours and 8.6% for the week.

The open interest figure stands at $2.43 billion, with futures volume reaching $2.47 billion. This indicates that the market is heavily weighted towards derivatives, with spot volume standing at just $361 million.

A significant portion of this open interest could be erased if the Fed decides to raise interest rates, which would force liquidations and potentially wipe out spot buyers. Bitcoin's direction over the next few days will decide whether XRP's price stabilizes or breaks down further.