XRP at $1.32, XLM down 4.54% as inflation shock hits crypto

  • XRP and XLM fell as hotter producer prices pressured crypto and other risk assets.
  • Nearly 85% of the top 100 cryptocurrencies by market capitalization posted daily losses.
  • Traders are tracking Friday's CPI report, Tuesday's reported Clarity Act vote and Wednesday's FOMC meeting.

XRP traded near $1.32, down 5.13% in 24 hours, while XLM fell 4.54% after the August Producer Price Index exceeded Wall Street's forecast. The inflation surprise intensified concerns that the Federal Reserve could keep interest rates higher for longer or raise them at next week's meeting, pressuring stocks and cryptocurrencies. Nearly 85% of the top 100 cryptocurrencies by market capitalization declined, with Bitcoin, Ethereum, BNB, Solana, Tron and Dogecoin among the losers, while Zcash fell about 11%. Analyst Tyler Hill is monitoring support at $1.31-$1.34 for XRP and $0.175-$0.171 for XLM. Bitcoin remained above its August lows despite a 1.22% daily decline, while technical indicators and $3.8 billion of net spot Bitcoin ETF inflows over three weeks point to continued market interest. Traders are focused on Friday's CPI report, Tuesday's reported Clarity Act vote and Wednesday's FOMC (Federal Open Market Committee) meeting; a potential Bitcoin golden cross is also developing, although it is a lagging signal rather than a guarantee.

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XRP at $1.32, XLM down 4.54% as inflation shock hits crypto - CoinPost Terminal