The XRP price has fallen by 3.53 per cent in the last 24 hours and is now reported at $1.06, making it the second-largest asset in the top 10 encrypted currencies. The decline was due to a general downturn in the market, and investors were concerned about the Fed ' s interest rate hike in response to inflation expectations caused by rising oil prices.
The loss of the key supporting position of the XRP 1.07 resulted in increased pressure for large-scale liquidation and resale, and market sentiment continued to decline at that level. According to CoinGlass, the total amount cleared by XRP in the last 24 hours was $6.67 million.
Key factors affecting the price of XRP
Various factors have led to a decline in the XRP, the largest of which is a general downswing in the market. Last week, the escalation of conflict between Iran and the United States led to an 8-9 per cent rise in oil prices in the past 24 hours, exacerbating inflation concerns. The Fed mentioned at its June meeting that part of the inflation was due to the rise of artificial intelligence. Today, Federal Reserve officials warned that if the consumer price index (CPI) data for tomorrow were higher than expected, the Fed might be forced to increase interest rates.
Future technology level concerns
Now $1.07 has become a new resistance position, followed by $1.00 for the mental level and 18.75% for the Fabonacci level of $0.9980. Analysts pointed out that historical data may indicate potential 60,000 per cent growth space. Although today marks the third anniversary of the XRP Day of Victory, market pressure continues to suppress community optimism.