Federal Reserve Hike Bets Spark XRP Price Drop

XRP's price has dropped by 6.21% to $1.13 due to a hawkish signal from the U.S. Federal Reserve on June 18, indicating interest rates could remain higher for longer.

This move dampened risk appetite across all digital assets, causing a correlated downturn in XRP and other major altcoins.

The derivatives market exacerbated the decline, with forced selling from over-leveraged traders contributing to the drop.

XRP's price is currently testing critical support between $1.16 and $1.18, which aligns with an ascending trendline dating back to early June.