The cryptocurrency market slightly recovered over the weekend, with Bitcoin (BTC) briefly reclaiming the $64,000 level. Other crypto assets followed BTC’s lead, with Ripple’s XRP rallying 5% in the weekly charts and 6% in the 14-day charts.
The asset continues to glow red in the other time frames, falling 1.7% in the last 24 hours and 0.5% over the previous month.
Also Read: Bitcoin Climbs 5% as Powell’s Remarks Ignite Crypto Market
Market Resurgence and Its Causes
The latest market rally is likely due to Federal Reserve chair Jerome Powell’s announcement of interest rate cuts beginning in September 2024. Traders and investors had long anticipated a rate cut this year.
Impact of Interest Rate Cuts
Also Read: Shiba Inu Forecasted to Hit $0.005: Here’s When
The drop in interest rates could boost investor confidence to invest in riskier assets, such as cryptocurrencies. Ripple’s XRP token seems to have benefitted from the Fed’s announcement.
AI Predicts XRP’s Price for September 1, 2024
CoinCodex Prediction
According to CoinCodex’s analysis, XRP could breach the $0.70 level over the next few days and hit $0.71 on Sept. 1, 2024. Reaching $0.71 from current price levels would translate to a rally of about 20.34%.
Changelly’s Prediction
Changelly also paints a similar picture for XRP. The platform anticipates the cryptocurrency rallying over the next few days, hitting a high of $0.82 on Aug. 29, 2024, and predicting XRP hitting $0.72 on Sept. 1, 2024.
Also Read: US Dollar in Dangerous Waters: DXY Index Could Fall Below 100
The asset may rise higher than predicted. The announcement of interest rate cuts and Ripple’s positive outcome in its lawsuit with the SEC could propel XRP to a new yearly high. XRP is currently down over 82% from its all-time high and has not hit the $1 mark since late 2021.