Why is XRP price down today?

XRP (XRP) cost is down today, mirroring patterns in other places in the cryptocurrencymarket as traders wait for the Federal Reserve rate choice in the week.XRP price drops amidst increasing dollar strengthOn July 24, XRP rate dropped 8% to $0.68, underperforming the crypto markets 3.5% decrease on the same day. On the other hand, the U.S. dollar index (DXY) bounced nearly 2% in the same period.Meanwhile, the correlation coefficient in between DXY and XRP was -0.79 on July 24 compared to +0.25 on July 13, showing a higher likelihood of XRP dropping even more if the dollar keeps increasing in the coming months.The day-to-day connection coefficient in between DXY and XRP. Related: XRP rate can fall 40% by September– Fractal analysisConversely, a decisive close above the 0.382 Fib line near $0.77 might have XRP retest $1 resistance to acquire around 30% from existing price levels.This short article does not contain financial investment advice or suggestions.