XRP is running a $2.4B debt trap that could wipe out spot buyers the second the Fed speaks
XRP trades near $1.06, down 2.9% over 24 hours and 8.6% over the past week, as CoinGlass shows $2.43 billion in XRP open interest, $2.47 billion in 24-hour futures volume, and just $361 million in spot volume.
Futures turnover is running roughly 6.85 times spot turnover, and forced liquidations have already erased $9.51 million in XRP positions over the past day.
XRP sits just above its intraday low near $1.05, only around 5% to 6% above the $1 level markets treat as a psychological floor. A derivatives-heavy market can move fast when forced position-cutting outruns what a thin spot market can absorb.
The Federal Reserve's July meeting runs July 28 to 29, and the policy statement lands at 2 p.m. Eastern on July 29, with the press conference at 2:30 p.m.
Markets were pricing about a 65% chance the Fed would hold rates steady, with traders still weighing the odds of a hike and possible dissents.
Bitcoin's fragile setup
Glassnode's July 27 Market Pulse tracked a rally to a local high near $66,700, then a retreat toward $64,000 before a partial recovery to about $65,100, still inside a range-bound stretch.
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