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As reported by U.Today, the Ripple-affiliated cryptocurrency occupied headlines in July due to its impressive performance, which allowed the token to stand out among other major coins. In fact, XRP recorded itssince 2023 last month. Multiple traders recently predicted that XRP could be on the cups of a major breakout due to various technical indicators.
However, the recent market crash has thrown a wrench in the works for XRP bulls. Earlier today, the leading cryptocurrency dipped below the $58,000 level. Obviously, it dragged the entire market down.Recent data showed rapidly slowing economic growth, causing a global market crash. Prior to that, it seemed like the Fed was ready to pull off a soft landing. However, its efforts now appear to be in jeopardy. With the economy slowing at a fast pace and inflation still remaining elevated, it looks like the Fed will have to have a much-feared hard landing.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.