Why is XRP price down today?
XRP price is down today, like other top crypto assets, as traders anticipate a Federal Reserve rate hike this week.
XRP () price is down today, mirroring trends elsewhere in the cryptocurrency market as traders await the Federal Reserve rate decision in the week.
On July 24, XRP price dropped 8% to $0.68, underperforming the crypto market’s 3.5% decline on the same day. The XRP/USD pair declined amid growing that the Fed would raise interest rates by 25 basis points in its July 25–26 meeting.
XRP/USD vs. the crypto market's daily performance chart. Source: TradingView
A is considered bad for cryptocurrencies like XRP. As a result, some traders have rotated out of high-cap cryptocurrencies to seek shelter in safer assets like the , selling at the peak of the on July 13.
For instance, XRP’s price climbed 75% on July 13 but was unable to extend its gains above $1. Since then, the token’s price has fallen by 28%. On the other hand, the U.S. Dollar Index (DXY) bounced nearly 2% in the same period.
Meanwhile, the correlation coefficient between DXY and XRP was -0.79 on July 24 compared with +0.25 on July 13, showing a greater likelihood of XRP dropping further if the dollar keeps rising in the coming months.
The daily correlation coefficient between DXY and XRP. Source: TradingView
From a technical standpoint, XRP has entered an overbought correction stage after its weekly relative strength index (RSI) climbed to 72, its highest level since April 2021, last week.
XRP/USD weekly price chart. Source: TradingView
The bear scenario will have XRP price decline toward $0.59 in July or early August. This level was support during the July 2021–January 2022 session and is also the 0.236 Fib line of the token’s Fibonacci retracement graph (drawn from the $1.15-swing high to the $0.30-swing low).
Related:
Conversely, a decisive close above the 0.382 Fib line near $0.77 could have XRP retest the $1 resistance to gain around 30% from curren t price levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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