Over the past 24 hours, XRP‘s price has dropped by over 3% due to a broader cryptocurrency market adjustment. This correction appears to have been initiated by unexpectedly high U.S. inflation figures.
Based on BBC’s report, US prices increased by 3.5% over the past year (March 2022), which is a larger hike compared to the 3.2% increase recorded in February 2022. The primary contributors to this price surge were fuel, housing costs, dining out, and clothing.
The equities market and cryptocurrencies both experienced sharp declines following the release of unexpectedly high inflation data. This news indicates that the Federal Reserve is less likely to reduce interest rates before the end of the year.
Traders believe the Federal Reserve may hold off on reducing interest rates until September due to three successive months of higher-than-anticipated inflation. The US consumer price index (CPI) climbed to 312.23 points in March, marking a 0.4% increase month over month.
— CryptoGlobe (@CryptoGlobeInfo) April 10, 2024
At present, each XRP token is being traded for around $0.605. Following the publication of inflation data, the cryptocurrency’s price had dipped to a low of $0.599 before rebounding.
A small setback, apparently caused by the larger market sell-off, occurred recently following news that Ripple, a significant player in the XRP sector, plans to launch a dollar-pegged stablecoin later in 2021. This upcoming stablecoin will be supported by US dollar deposits, short-term US government bonds, and equivalent cash reserves, with monthly verification from an independent accounting firm ensuring its value.
Due to the increasing need for trustworthy crypto assets that maintain their value, Ripple‘s entry into the $150 billion stablecoin sector is predicted to experience significant growth. This expansion could potentially reach an impressive size of over $2.8 trillion by 2028.
In the words of Brad Garlinghouse, CEO of Ripple, the rollout of the new stablecoin is in line with the company’s objective to connect traditional finance with the digital currency market. The stablecoin will first be available on both the XRP Ledger and Ethereum platforms.
Some analysts are particularly optimistic about XRP. For instance, the well-known pseudonymous trader CrediBull has made a price forecast, predicting that XRP could exceed $10, and possibly even reach $20. This prediction is not solely based on speculation, but rather on market cap equivalencies.
Last week, investments in XRP-focused cryptocurrency products attracted only $100,000, while there were inflows of $646 million into the broader cryptocurrency investment market. This brought the total inflows to a new all-time high of $13.8 billion. It seems that investors showing interest through XRP-focused products are less enthusiastic compared to those in the wider cryptocurrency space.
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2024-04-10 18:41