COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Why Did XRP Coin’s Price Fall Today? Significant Developments Ahead!
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Ripple (XRP) > Why Did XRP Coin’s Price Fall Today? Significant Developments Ahead!
Ripple (XRP)

Why Did XRP Coin’s Price Fall Today? Significant Developments Ahead!

In Brief

  • The XRP Coin price has experienced a decline due to the overall market downturn. The popular altcoin dropped below $0.7, and the decrease in risk appetite among investors who got excited after the summary judgment is affecting it. But why? It is because of the upcoming Fed meeting in two days. The Federal Reserve’s tightening […]
COINTURK NEWS
COINTURK NEWS 2 years ago
Share
SHARE

The XRP Coin price has experienced a decline due to the overall market downturn. The popular altcoin dropped below $0.7, and the decrease in risk appetite among investors who got excited after the summary judgment is affecting it. But why? It is because of the upcoming Fed meeting in two days. The Federal Reserve’s tightening decisions, which have been combating excessive sales of cryptocurrencies for over a year, continue to have an impact on the market. Powell and his team believe that further tightening is necessary.

On Wednesday evening, after a probable 25bp interest rate hike, signals will be given that one more interest rate hike will take place in a few meetings. Of course, Powell will comment by saying that we will shape our decision based on the incoming data. However, the Fed seems to have largely set the interest rate ceiling 50bp higher.

Meanwhile, institutional investors must have predicted the decline this week as they made net outflows from institutional crypto funds last week. This was the first outflow week after four weeks of inflows.

XRP Coin Price

On July 24th, XRP price dropped by 8% to $0.68, performing below the 3.5% decline in the cryptocurrency market on the same day. XRP’s price increased by 75% on July 13th but failed to surpass $1. Since then, the token’s price has dropped by 28%. In the meantime, the US Dollar Index (DXY) made a 2% leap during the same period. Meanwhile, the correlation coefficient between DXY and XRP on July 24th was -0.79, compared to +0.25 on July 13th, indicating a higher probability of XRP falling further if the dollar continues to rise in the coming months.

From a technical perspective, after the weekly Relative Strength Index (RSI) climbed to 72 last week, its highest level since April 2021, XRP entered a correction phase from overbought conditions. According to the bear scenario, the XRP price will drop to $0.59 in July or early August.

However, things could quickly turn around for XRP Coin if the dates for settlement conferences are announced soon.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Discover How XRP Accelerates the Pharma Payment Network in Seconds

Ripple XRP’s Price Swings Keep Market Enthusiasts Hooked

Florida Firm Strengthens Digital Payments with XRP Technology

Ripple Settles Legal Battle with SEC, Bringing Relief and Controversy

Ripple’s Victory in Legal Tug-of-War Against SEC Ignites Excitement

COINTURK NEWS 24 July, 2023 - 9:59 pm 24 July, 2023 - 9:58 pm
Share This Article
Facebook Twitter
Share
Previous Article Shiba Inu’s Layer-2 Scaling Solution, Shibarium Beta, Reaches 32 Million Transactions
Next Article Shiba Coin’s Future Looks Promising: Shibarium Launch and Price Analysis
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

US Makes Bold Moves in Tariff Negotiations Sparking Crypto Market Surge
Cryptocurrency News
Ethereum Surges After Major Update: What it Means for Crypto Markets
Ethereum (ETH)
Cryptocurrencies Rise While CAPO Warns of Key Market Levels
Cryptocurrency News
Crypto Expert Unveils Insights into Bitcoin’s Rising Tide
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?