XRP
XRP declines as Fed hawkish stance triggers broader crypto selloff
XRP fell 4.89% after Fed Chair Kevin Warsh signalled the central bank must continue tightening to reach its 2% inflation target.
XRP declined 4.89% in the 24 hours following Fed Chair Kevin Warsh's Jackson Hole speech, which emphasised ongoing work needed to combat inflation. The token retreated to $1.36 amid a broader crypto market pullback triggered by the hawkish message.
Warsh noted that PCE inflation remains at 3.7% annually and 4.1% on a six-month annualised basis, both significantly above the Fed's 2% target. He stressed the Fed's commitment to achieving this objective "clearly and at sufficient speed," indicating further policy action may be required. The Fed Chair also discounted the value of Fed forward guidance to markets, calling the reliance on such signals something that has "overstayed its welcome."
Bitcoin and Ethereum fell 3.23% and 2.7% respectively, with the overall crypto market cap declining 2.97%. The risk-off environment generated $350.94 million in total long liquidations across crypto markets.
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