XRP's price has taken a hit today, driven by investor concerns over the potential for prolonged high interest rates. The broader crypto market, including Bitcoin and other major cryptocurrencies, is experiencing a selloff as investors react to the possibility of interest rates remaining elevated for an extended period. This sentiment has been exacerbated by recent U.S. economic data, which has led major investment banks to adjust their expectations for Federal Reserve rate cuts. As a result, risk assets, including cryptocurrencies, are trading lower.
The market's reaction to the economic data has been swift, with XRP and other cryptocurrencies facing downward pressure. The nonfarm payrolls report released last Friday showed stronger-than-expected job growth, prompting banks like Goldman Sachs to revise their forecasts for Fed rate cuts. This has contributed to a risk-off sentiment in the market, with investors wary of the implications of sustained high interest rates on the economy and asset prices.
XRP's price has fallen by 5.52% today, reaching a low of $2.367640.