XRP holds $1.30 as falling futures interest signals weak demand

Key takeaways

• The failed CLARITY Act vote and the Federal Reserve’s rate increase have weighed on sentiment.
• XRP futures open interest fell from 2.25 billion to 2.12 billion tokens, signaling softer speculative demand.
• The 50-day and 100-day EMAs provide support between $1.28 and $1.26.

Ripple’s XRP remained under bearish pressure on Friday, trading just above $1.30 as buyers attempted to defend a cluster of short-term moving-average supports.

The token has struggled since rising to $1.50 on Monday. Sentiment weakened after the U.S. Senate failed to advance the CLARITY Act and the Federal Reserve raised its benchmark interest rate by 25 basis points to a range of 3.75% to 4.00%.

Higher interest rates can reduce liquidity and weaken demand for risk assets, including cryptocurrencies. However, the Fed’s decision was widely anticipated, limiting the immediate market reaction.

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