The crypto market experienced a sharp decline after rumors circulated that Tesla had sold its $377 million Bitcoin position. Additionally, the Federal Open Market Committee's minutes indicated that interest rates would continue to rise to combat inflation, which further negatively impacted the market.

XRP was hit particularly hard, with its already weakened market structure causing it to plummet to $0.42. However, the Relative Strength Index suggests that a recovery may be imminent, and traders may want to wait for the price to reach $0.51 before considering new long positions.