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.XRP futures turnover reached $2.47 billion, about 6.85 times spot volume, while open interest stood at $2.43 billion.Bitcoin's fragile setupGlassnode'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...