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XRP Leads Crypto Market Recovery. What’s Behind This Rally?



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Alex Dovbnya

XRP is the top gainer among major cryptocurrencies over the last 24 hours, leading the sharp recovery

The XRP price is up 5.79% over the past 24 hours, outperforming the rest of the cryptocurrency market.

The Ripple-affiliated token managed to reclaim the $0.50 mark on major spot exchanges.

Bitcoin (BTC) and Ethereum (ETH) are also in green, adding 3.72% and 2.99%, respectively.

Major cryptocurrencies experienced a sudden drop on Thursday together with stocks due to hotter-than-expected inflation data. The U.S. Federal Reserve is now almost guaranteed to implement another 75-basis-point rate hike next month after the most recent consumer price index (CPI) index.           

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Major stock market indices experienced an extremely sharp turnaround yesterday. The Dow surged a staggering 1,500 points from its intraday low, closing 800 points higher. In fact, the S&P 500 index recorded its widest trading range since 2000.  

Leading cryptocurrencies replicated this choppy trading session. Bitcoin came close to revising its yearly low of $17,600 in mid-July before recovering to nearly $20,000 within the same day.

XRP’s bullish streak

The XRP market has been outperforming the broader cryptocurrency market recently amid positive developments in Ripple’s fight against the U.S. Securities and Exchange Commission.

As reported by U.Today, Ripple CEO Brad Garlinghouse recently predicted that the lawsuit was likely to resolve in the first half of 2023.

The XRP token saw a substantial price gain last month after both parties filed motions for summary judgment.



Read More: XRP Leads Crypto Market Recovery. What’s Behind This Rally?

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