- XRP’s market value surged over 2% in 24 hours, reaching $0.525.
- Recent US CPI data showing a decline in inflation has positively impacted market sentiment, benefiting XRP and the broader crypto market.
- Whale activity has contributed substantially to XRP’s recent price surge.
Recent shifts in the United States Consumer Price Index (CPI) have sparked renewed optimism in the financial markets, subsequently bolstering the market sentiment surrounding XRP.
The CPI data unveiled a decrease in inflation, with core inflation inching up by a mere 0.3% to 3.6% in March, marking the smallest uptick since April of the previous year. This positive development has resonated well with bond investors, who are now foreseeing the likelihood of an earlier rate cut in September, diverging from previous expectations pinned on November.
Amidst this backdrop, XRP has experienced a noteworthy surge in its market value, catapulting over 2% within the past 24 hours to attain a price point of $0.525. This uptick represents a significant recovery of nearly 25% from its recent low of $0.423 observed just a month ago.
The surge in XRP’s value can be attributed to other factors, including the broader recovery witnessed across the cryptocurrency market, which has been further fueled by whales. Accounts holding between 1 million and 10 million XRP have collectively increased their holdings by approximately 110 million tokens over the past fortnight, amounting to a valuation of around $55 million. This influx of capital coincides with a 10% surge in XRP’s price.
Currently, XRP is striving to consolidate its position above the 200-week and 50-week exponential moving averages, situated around $0.55 and $0.60, respectively. A successful breach of these levels could pave the way for XRP to challenge the upper trend line of its descending triangle, potentially propelling its price toward the $0.585 mark.
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