At press time, XRP was trading at $1.06, down 3.53% in the last 24 hours and 7.54% over the past week, making it the second-worst performer among the top ten cryptocurrencies—trailing only Hyperliquid’s HYPEUSD, which fell 6.55% in a day.
Several macroeconomic and technical factors contributed to XRP’s decline. A broad market downturn driven by renewed inflation concerns has weighed heavily on risk assets. Tensions between the U.S. and Iran escalated after Iran attacked three commercial vessels near Oman, effectively nullifying the June 17 peace memorandum and reigniting hostilities. The resulting spike in oil prices—up 8–9% in 24 hours—has stoked fears of persistent inflation.
The U.S. Federal Reserve has pointed to the artificial intelligence (AI) boom as a contributing factor to inflationary pressures, according to discussions at its June FOMC meeting. Today, Fed Governor Christopher Waller cautioned that a higher-than-expected Consumer Price Index (CPI) reading could prompt an interest rate hike. While former Fed official Kevin Warsh offered a more optimistic long-term view—suggesting AI may eventually drive deflation through improved economic efficiency—the near-term outlook remains bearish for crypto markets.
Technically, XRP broke below the critical $1.07 Fibonacci support level, a threshold it had held for 158 consecutive days. This breach triggered significant selling pressure, with $6.67 million in long positions liquidated in the past 24 hours, per CoinGlass data.
With $1.07 now acting as resistance, traders are watching key support zones: the psychological $1.00 level, the 18.75% Fibonacci retracement at $0.9980, and the deeper 12.50% macro retracement at $0.7925.
Ironically, the dip coincides with the third anniversary of “XRP Victory Day,” commemorating the favorable SEC ruling in the Ripple vs. SEC case. Despite the community’s celebration, bullish sentiment has been overwhelmed by current market dynamics.