Bitcoin (BTC), briefly, regained the $64,000 mark over the weekend. Ripple (XRP) hasn’t directly followed this path. It rose at the weekend, but fell back by 3% Monday.
At the time of publication, XRP was trading at $0.5862. Investors hoped that the coin would reach 63 cents after its brief surge to $0.62. However, it did not. Ripple’s native currency hopes to reach the 60-cent mark in the next few days.
XRP performed well in the last week thanks, partly, to Bitcoin’s successes. Market cap-based cryptocurrency XRP performed well last week. The currency grew 7% in one week to over $63,000. BTC is typically followed by other crypto markets when it performs well. BTC dropped a little bit on Monday by 2%. This caused XRP do the same.
Also Read: Ripple: 20% Institutional Investors Hold XRP, Study Confirms
It is possible that the weekend rally in markets was due to Jerome Powell, Federal Reserve Chair’s announcement about interest rate reductions beginning September 2024. Investors and traders had been anticipating a cut in interest rates this year for some time. XRP and the entire cryptocurrency market may benefit if there are rate cuts. Dropping interest rates may boost investors’ confidence in investing in cryptocurrency. Ripple XRP is a good choice because of its popularity and high market cap.
Trading volume for XRP is still up, despite the small drop. This could be a factor in driving the asset down to $0.60. Volume has increased by 25.59% in the last 24 hours. It is clear that this asset continues to be of interest for investors. The asset may reach 60 cents if trading volume is high.
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Source: watcher.guru