Quick overview

Live XRP/USD Chart

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XRP is experiencing another round of sell-offs. The cryptocurrency has dropped 6% for the day, while Ethereum has fallen 4% and Bitcoin has declined 2.8%. The price of the Ripple token was $2.87.

XRP has experienced an increase of approximately 49% year-to-date, despite a notable decline in valuation following a record high last month. During its conference call and second-quarter earnings release this morning, Home Depot announced that it would be raising prices on some products sold in its stores due to pricing pressures from tariffs.

Investors seem to interpret the company’s statement as a signal that inflation in the U.S consumer sector may soon increase.

Bullish sentiment could be severely damaged. XRP and other cryptocurrency valuations are heavily influenced by the overall macroeconomic environment.

Home Depot ranks among the largest and most influential retailers in the United States. As a key player in the home-improvement sector, which is often seen as a predictor of the real estate market and the broader economy, it is also the biggest in its field. Consequently, the company’s quarterly results and guidance are often regarded as important indicators of trends in stock and asset valuation.

Home Depot announced plans to raise prices due to tariffs after the Bureau of Labor Statistics’ Producer Price Index report last week showed inflation levels significantly higher than analysts predicted. There are concerns that the U.S. consumer economy may soon face higher inflation because of the home improvement retailer’s comments.