The price of XRP, the native token of the XRP Ledger, has seen a modest 1% increase over the past 24 hours, mirroring the overall cryptocurrency market's subdued trading activity. This slight uptick follows a sharp decline from its recent peak near $2.875 earlier this month to a low of $1.984. This sell-off appears to have prompted a renewed buying interest, pushing the price back up to its current level of $2.226.
The initial price drop coincided with the Federal Reserve's decision to cut interest rates by 25 basis points. However, Chair Jerome Powell's subsequent comments suggesting a more hawkish monetary policy outlook, hinting at fewer rate cuts in 2024, dampened investor sentiment across markets. This uncertainty led to a significant decline in the S&P 500, which plummeted over 3.5% before partially recovering.
Despite the broader market volatility, XRP has shown signs of resilience. Prominent cryptocurrency analyst Ali Martinez has suggested that maintaining a price above the $2.2 level could propel XRP towards the $2.7 resistance level. This optimism is further supported byCoinShares' Digital Asset Fund Flows report, which revealed that XRP-focused investment products attracted $8.8 million in inflows over the past week. These inflows have contributed to a substantial year-to-date inflow of $430 million, surpassing half of the total assets under management.
December 2024, Cryptoniteuae