- The FED’s interest rate hike has a negative effect on the crypto market this week.
- XRP and LTC were the top crypto gainers.
- ARB and OP are both down by more than 20% over the last seven days.
The past week has not been the best for the crypto market after the Federal Reserve hiked the interest rate by 25 basis points. Many cryptos like Arbitrum (ARB), Optimism (OP), and Immutable (IMX) struggled over the past seven days. On the other hand, for tokens like XRP, Litecoin (LTC) and Cardano (ADA) the past week was not so bad at all.
While most cryptos found it hard to record any kind of gains, XRP and LTC are currently up 16.37% and 7.37% respectively over the last week. In addition to this, the XRP price is also up by more than 2% over the last 24 hours.
LTC, however, was not so lucky. At the moment, litecoin is trading hands at $92.82 after a 2.35% price decrease over the last day.
ADA’s weekly gain of just under 3% is not as impressive as the previous two altcoins, and the crypto now hovers close to the critical support at around $0.352. If the price of the ADA drops below this level, the price could drop as low as $0.3019 soon.
One of the biggest losers this week was unexpectedly ARB. The launch of the ARB token should have been a big deal, but shortly after the launch, holders sold their tokens on a big scale. This resulted in a more than 89% plunge.
OP, unfortunately, slipped below $2.42 to turn it into resistance this week. Now, the crypto faces critical support at $2.14. If the price of OP drops below this level, further price declines could be expected to levels as low as $1.8. OP is currently down by 20.45% over the last week.
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