XRP Its price has increased by 9.34% in the last 24 hours, outperforming the rest of the cryptocurrency market. The native token of the Ripple company managed to recapture the $0.50 level with its latest rally.
Bitcoin (BTC)Ethereum was also up 3.40%, helping the crypto markets rebound.
Koinfinans.com As we explained earlier US CPI data It came in above expectations and as a result caused a drop in the price of risky assets such as stocks and crypto money markets. The US Consumer Price Index (CPI) continues to be above expectations, increasing by 8.2% on an annual basis and by 0.4% on a monthly basis in September. Although inflation was at 9.1% before, expectations were lower.
This situation, on the other hand, is the most important harbinger of the continuing favorable conditions for a 75 basis point rate hike.
Major stock market indices took a pretty sharp turn yesterday. The Dow rose 800 points, up 1,500 points from its intraday low. S&P 500 index recorded the widest trading range since 2000.
Leading cryptocurrencies repeated this volatile trading session. Bitcoin came close to revising its annual low of $17,600 in mid-July before recovering to around $20,000 in the same day.
Why Is XRP Rising?
The XRP market has come to the fore as Ripple has recently outperformed the broader cryptocurrency market amid the positive developments in its fight against the US Securities and Exchange Commission.
Ripple CEO Brad Garlinghouse recently predicted that the case will be resolved in the first half of 2023. The XRP token saw a significant price increase last month after both parties filed for summary judgment.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.