Bitcoin (BTC), briefly, reclaimed the $64,000 mark. Ripple’s XRP didn’t follow that same path, as it rose over the weekend before slipping back 3% by Monday.
As of press time, the price for XRP was $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. Last week, the top crypto by market capital traded very well. It jumped 7% to reach $63,000. BTC’s performance is usually followed by the entire crypto market. BTC was down 2% on Monday. XRP followed suit.
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. The rate reduction was expected by traders and investors for a long time. The cryptocurrency market, and XRP in particular, could benefit from a rate cut. A drop in interest could encourage investors to buy cryptocurrencies. Ripple’s token XRP would be an excellent choice due to the growing popularity of its market capital and increasing demand.
Trading volume for XRP is still up, despite the small drop. This could be a factor in driving the asset down to $0.60. The volume is up by 25.59% over the past 24 hours. This shows that investors are still interested in this asset. The asset may reach 60 cents if trading volume is high.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
