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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...

The Dollar Index disconnect from Bitcoin does not necessarily mean that BTC price is about to experience a big rally, historic data suggests. There is a common belief that when the U.S. dollar declines relative to other main global currencies, as measured by the Dollar Strength Index (DXY), the impact on Bitcoin (BTC) is positive, and vice versa. For instance, the DXY index dropped from 103.0 on Jan. 2017 to a 92.6 low on Aug. 2017, while Bitcoin rallied from $1,000 to $4,930 in the same period. But is there enough evidence to justify a bull run similar to 2016–17, as some analysts are arguing? But is there enough evidence to justify a bull run similar to 2016–2017, as some analysts are arguing? Is the Bitcoin-dollar inverse trend real? Traders and influencers frequently warn about this negative correlation and how a reversal of DXY will likely push the Bitcoin price higher. Investment research @GameofTrades_ recently posted a chart presenting the pattern in early 2023 and then rep...

The bill also authorizes local artists to issue nonfungible tokens (NFT) to promote financial and cultural inclusion. The province of San Luis in Argentina approved a legislation allowing the issuance of its own stablecoin pegged to the United States dollar . The token, dubbed the "Activo Digital San Luis de Ahorro", will be available to all citizens of the province over the age of 18 and 100% collateralized in liquid financial assets of the province .  The bill authorizes the province to issue the stablecoin up to 2% of its annual budget. It also stipulates that assets can be transferred between parties, but it does not specify which chain will be used for the transactions. The province of San Luis is home to over 430,000 people. The stablecoin issuance is only one of the initiatives described in the bill called “Financial Innovation for Investment and Social Economic Development”, which aims to promote development in several sectors in the province through Blockchai...