XRP Price Dips 6.2% on U.S. Federal Reserve Rates Hike Bets
XRP price is down 6.21% to $1.13, underperforming a broadly lower market, primarily driven by a hawkish Federal Reserve outlook that triggered a risk-off move across crypto.
The primary driver was a hawkish signal from the U.S. Federal Reserve on June 18, which indicated interest rates could remain higher for longer, dampening risk appetite across all digital assets.
Trading data from the cryptocurrency market revealed that Bitcoin fell 4.2%, dragging major altcoins like XRP lower in a correlated downturn. XRP’s drop was not coin-specific but part of a macro-driven liquidation event, reflecting its high sensitivity to broader crypto market sentiment.
By market consensus, any shift in narrative around upcoming US Federal Reserve speeches or economic data could ease or intensify rate fear sentiment.
A sharp 14.5% drop in XRP’s derivatives open interest over 24 hours triggered a leverage shakeout, with $7.41 million in positions liquidated—$6.59 million of which were longs. This indicates forced selling from over-leveraged traders exacerbated the spot-driven decline.
The derivatives market acted as an amplifier, converting mild selling into a steeper drop through cascading margin calls. Stabilisation or a rebound in open interest would signal that the forced selling pressure is subsiding.
XRP is testing critical support between $1.16 and $1.18, which aligns with a key ascending trendline dating back to early June. The immediate resistance is the recently lost $1.20 level. Technical indicators such as the RSI (44.58) show weakening momentum but are not yet oversold.
The structure is bearish but nearing a potential support zone where buyers have previously stepped in. A daily close below $1.15 would confirm bearish continuation toward $1.12, or a reclaim of $1.20 would signal short-term stabilisation.
XRP’s decline is rooted in a macro selloff, worsened by a derivatives unwind. Holding above $1.15 is crucial to prevent a deeper correction. #XRP Price Dips 6.2% on U.S. Federal Reserve Rates Hike Bets
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