Why is XRP price down today? – Cyberfastcrypto.com

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XRP ( $1.35 ) ( XRP ( $1.35 ) ) price is down today, mirroring trends elsewhere in the cryptocurrencymarket as traders await the Federal Reserve rate decision in the week.

XRP ( $1.35 ) price drops amid rising dollar strength

On July 24, XRP ( $1.35 ) price dropped 8% to $0.68, underperforming the crypto market’s 3.5% decline on the same day. The XRP ( $1.35 ) /USD pair declined amid growing expectations that the Fed would raise interest rates by 25 basis points in its July 25-26 meeting.

*XRP ( $1.35 ) /USD versus the crypto market’s daily performance chart. Source: TradingView*

A higher rate environment is considered bad for cryptocurrencies like XRP ( $1.35 ) . 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 ( $1.35 ) ’s price climbed 75% on July 13 but was unable to extend its gains above $1. Since then, the token’s price has fallen by 28%. On the other hand, the U.S. dollar index (DXY) bounced nearly 2% in the same period.

Meanwhile, the correlation coefficient between DXY and XRP ( $1.35 ) was -0.79 on July 24 compared to +0.25 on July 13, showing a greater likelihood of XRP ( $1.35 ) dropping further if the dollar keeps rising in the coming months.

*The daily correlation coefficient between DXY and XRP ( $1.35 ) . Source: TradingView*

What’s next for XRP ( $1.35 ) price in July?

From a technical standpoint, XRP ( $1.35 ) has entered an overbought correction stage after its weekly relative strength index (RSI) climbed to 72, its highest level since April 2021, last week.

*XRP ( $1.35 ) /USD weekly price chart. Source: TradingView*

The bear scenario will have XRP ( $1.35 ) price decline toward $0.59 in July or early August. This level was support during the July 2021-January 2022 session and is also the 0.236 Fib line of the token’s Fibonacci retracement graph (drawn from the $1.15-swing high to the $0.30-swing low).

Conversely, a decisive close above the 0.382 Fib line near $0.77 could have XRP ( $1.35 ) retest $1 resistance to gain around 30% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.