- XRP has dropped 6% in 24 hours, adding to weekly and monthly declines despite strong yearly gains.
- Market liquidations topped $1.7B, with Fed policy uncertainty driving volatility.
- XRP may consolidate near $2.80 before potentially reclaiming $3+ in October.
Ripple’s XRP has taken a hit, sliding nearly 6% in the last 24 hours and dropping 7% across the past week, according to CoinGecko data. The token has also dipped 1.9% over two weeks and 7.7% in the monthly chart, though it still holds an impressive 372% gain year-over-year since September 2024.
Why Is XRP Dropping Right Now?
The latest pullback comes despite the Federal Reserve announcing its first interest rate cut of 2025 last week. Volatility has shaken markets, with $1.7 billion liquidated in the past 24 hours, per CoinGlass data. XRP alone saw over $866,000 in liquidations, pointing to heavy leveraged positions being wiped out.
Traders are cautious as Fed Chair Jerome Powell prepares to speak on Sept. 23, which could give fresh clues on monetary policy. A dovish stance may lift risk assets like XRP, while hawkish comments could extend the selloff.
Key Levels to Watch
XRP currently has support around $2.80, where it may consolidate short-term. If the Fed’s tone is favorable, bulls could regain momentum. Historically, September is a weak month for crypto, but October has often flipped into bullish territory, suggesting that better days may be near.
XRP Price Forecast for the Coming Weeks
According to CoinCodex, XRP could climb back to the $3 level in early October, with potential upside to $3.19 by Oct. 13. This outlook suggests short-term pain might lead into a rebound if broader market conditions align.
