TradingKey – Rate hike expectations weigh on the crypto market as XRP tests key support at $1.3; a breakdown could trigger a 23% decline.

On September 11, driven by rising expectations of a Federal Reserve rate hike, the crypto market experienced a broad decline. Ripple (XRP), the fifth-largest cryptocurrency, also moved lower, dropping around 3% today to approach the key $1.3 level again, currently trading at $1.34.

Yesterday, the US Producer Price Index (PPI) for August rose to 5.4% year-over-year, exceeding market expectations of 5.3%. Coupled with high-level volatility in energy and crude oil prices, this heightened market awareness of rising risks of secondary inflation. Following the data release, the probability of a Fed rate hike…