XRP Price Analysis: Traders React to CPI Data
XRP Price Analysis: Market Reaction to Inflation
XRP price suffered a 4% decline on September 11, hitting $0.54 as traders reacted to the latest US CPI data, which indicated higher-than-expected inflation. As a result, investors have grown cautious, causing a ripple effect across the crypto landscape.
Inflationary Pressures Persist
The latest CPI report from the US Bureau of Labor Statistics revealed a core consumer price increase of 0.3%, surpassing market forecasts of 0.2%. This uptick continues to raise alarm about sustained inflation, leading many XRP traders to reevaluate their positions.
XRP Funding Rate Falls Sharply
XRP traders markedly reduced their funding rates, with a 67% drop observed from 0.006% to 0.002% in a matter of hours. This decision reflects growing hesitation among traders to maintain long positions amidst current volatility.
XRP Price Forecast: Upcoming Support Levels
- If the bearish trend continues, XRP could test support around $0.50.
- In order to reverse the negative sentiment, XRP would need to break above $0.5526.
- Traders should remain vigilant as macroeconomic factors heavily influence market conditions.
For deeper insights about XRP price movements and market trends, explore additional resources from authoritative crypto platforms.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.