The price of the native token of the XRP Ledger has risen little over 1% over the last 24-hour period as the cryptocurrency market capitalization remained largely unchanged during the same period as investors bet on XRP.
The cryptocurrency’s price is likely to be rising after an abrupt sell-off from its high near $2.875 seen earlier this month to a $1.984 low, which saw many investors decide to move back in, allowing the cryptocurrency to rise to $2.226 at the time of writing.
The rise came gradually from the low, which was seen after the Federal Reserve cut interest rates by 25 basis points and its Chair Jerome Powell suggested a more hawkish stance, suggesting fewer rate cuts would be made next year.
Powell’s comments dampened investor sentiment and affected risk assets across markets, with the stock market’s benchmark index, the S&P 500, plunging by more than 3.5% before recovering, while still being down 1.2% for the week.
Positive market sentiment has nevertheless been benefiting XRP, with popular cryptocurrency analyst Ali Martinez suggesting that if the cryptocurrency’s price can remain above the $2.2 mark, it may end up moving up to the $2.7 resistance level.
It’s also worth noting that according to CoinShares’ Digital Asset Fund Flows report, over the past week investment products focused on XRP attracted $8.8 million inflows, bringing year-to-date inflows to $430 million, more than half of their total assets under management.
Several catalysts were behind XRP’s significant surge this year, including Republican candidate Donald Trump winning the U.S. presidential elections and various spot XRP exchange-traded fund filings, along with Ripple’s launch of its RLUSD stablecoin.
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