The cryptocurrency market slightly recovered over the weekend, with Bitcoin (BTC) briefly reclaiming the $64,000 level. Ripple XRP hasn’t followed that path directly, rising over the weekend but slipping back down 3% on Monday.
At press time, XRP is trading down at $0.5862. Following its temporary pump to $0.62, investors were hopeful the coin could breach 63 cents, but it failed to do so. Now, Ripple’s native currency is hoping just to return to the 60-cent threshold over the coming days.
XRP was performing well last week, in part thanks to Bitcoin’s success. The top cryptocurrency by market cap traded well, jumping 7% last week to above $63,000. When BTC performs well, typically the rest of the crypto market follows suit. On Monday, BTC fell back down a bit, by 2%, which caused XRP to do the same.
Also Read: Ripple: 20% Institutional Investors Hold XRP, Study Confirms
The weekend 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. If cuts do come, the cryptocurrency market could reap benefits, including XRP. The drop in interest rates could boost investor confidence to invest in cryptocurrencies. Ripple’s XRP token would be a favorable choice, due to its growing popularity and market cap.
XRP trading volume remains up despite the slight downtick, which could help drive the asset back to $0.60. Volume is up 25.59% in 24 hours, revealing the asset remains of strong interest to investors. If trading volume remains high this week, the asset could climb back to 60 cents and beyond.