XRP Falls as Hawkish Fed Expectations Weigh on Asset

XRP falls by more than 4% as the bearish sentiment in the crypto market and renewed hawkish Fed expectations weigh on the asset. Despite receiving a Crypto-Asset Service Provider license in Europe, making it fully compliant with EU regulations, XRP is trading at $1.07.

The US dollar has gained strength due to higher interest rate expectations, which reduces investor appetite for riskier assets like cryptocurrencies. The CME Group's FedWatch Tool shows an 80% chance of a 0.25% rate hike by the end of the year.

Ripple has received regulatory approvals in over 75 countries worldwide and already holds an electronic money license. However, this news does not seem to have stopped XRP's sharp decline, which is also attributed to the overall bearish sentiment in the crypto market.