Why is XRP price down today?
XRP price is down today like other top crypto assets, as traders anticipate a Federal Reserve rate hike this week. XRP (XRP) price is down today , mirroring trends elsewhere in the cryptocurrencymarket as traders await the Federal Reserve rate decision in the week. XRP price drops amid rising dollar strength On July 24, XRP price dropped 8% to $0.68, underperforming the crypto market's 3.5% decline on the same day. The XRP/USD pair declined amid growing expectations that the Fed would raise interest rates by 25 basis points in its July 25-26 meeting. XRP/USD versus the crypto market's daily performance chart. Source: TradingView A higher rate environment is considered bad for cryptocurrencies like XRP. As a result, some traders have rotated out of high-cap cryptos to seek shelter in safer assets like the U.S. dollar, selling at the peak of the Ripple-led market rally on July 13. For instance, XRP's price climbed 75% on July 13 but was unable to extend its gains above $1...