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XRP Tumbles 5% Amid Fed Hawkish Shift

Guavy AI Editorial Team
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USD
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XRP's price plummeted by 5% following a hawkish shift in Federal Reserve rhetoric, led by Chair Kevin Warsh's comments that inflation remains above the 2% target.

The remarks opened the door to a potential rate hike as soon as September, pressuring risk assets and causing a market-wide drop. Bitcoin dropped 3.04%, while XRP underperformed with a decline of 4.68% to $1.38.

XRP's price moved in tandem with other high-beta assets, amplifying the broader market's decline due to macro headwinds and technical cooling after a strong 30-day rally of nearly 30%.

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