React Native Xcode Archive IPA generation not working

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After upgrading to Xcode 15, my react native project failed to build the IPA. But it's working fine while I run it via simulator.

I am getting the following error:

Command PhaseScriptExecution failed with a nonzero exit code

PhaseScriptExecution Bundle\ React\ Native\ code\ and\ images

Failed to construct transformer: Error: error:0308010C:digital envelope routines::unsupported at new Hash (node:internal/crypto/hash:68:19) at Object.createHash (node:crypto:138:10)

When I try to build the IPA using Xcode Archive, I get the following error:

Command PhaseScriptExecution failed with a nonzero exit code

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