Bitcoin (BTC), the most popular cryptocurrency, has reclaimed its $60,000 mark. Global crypto market cap is up 2.4% over the last 24 hour to $2.18 trillion.
Most assets seem to follow BTC’s recovery trajectory. Ripple’s XRP token, on the other hand, has dipped by 0.7% in the daily charts but is the best-performing crypto among the top 10 projects in the weekly charts, rallying 8.8% in the last seven days.
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Factors affecting the crypto market and XRP’s performance
Why has the Crypto Market risen today?
A recent market rebound could be down to a change in investor confidence. Investors may have priced in a Federal Reserve rate cut of 50 basis points, which can lead to a boom in risky investments.
An interest rate cut could lead to a market-wide rally for the crypto sector, which could benefit Ripple’s XRP token.
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The S&P 500 also hit a new peak today and may have influenced the crypto sector.
What is the XRP price going to be in September?
According to the analysts at CoinCodex, Ripple’s XRP token will surge to around $0.79 on Sept. 21, 2024. A rally of 36.21% will occur if the current prices are reached.
The platform does not anticipate XRP’s price to hold above $0.70, predicting a correction to around $0.61 by Oct. 13, 2024.
Analysts at Changelly also expect XRP to rally in the coming days. According to the platform, XRP is predicted to reach $0.77 in 2024 on September 20, 2024. Changelly’s analysts predict a similar correction to CoinCodex after XRP reaches $0.77.
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The cryptocurrency market may continue its upward trend, and the asset could not experience a drop after it breaches the $0.70 threshold.
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Source: watcher.guru
