XRP Slumps on Warsh's Hawkish Inflation Comments

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

The Fed chair noted that 54% of PCE inflation components had risen by more than 3% over the past 12 months. 'None of these measures are perfect, but they all tell a similar story: inflation is running above our 2 percent target,' Warsh said, according to CNBC.

The Fed chair stressed 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.