Ripple: XRP Outperforms Top 10 Cryptocurrencies, Rallies 8.8%
The cryptocurrency market seems to be rebounding, with Bitcoin (BTC) reclaiming the $60,000 price point. The global crypto market cap has risen 2.4% in the last 24 hours to $2.18 trillion.
Most assets seem to follow BTC’s recovery trajectory. Ripple’s XRP token, on the other hand, has dipped by 0.7% in the daily charts but is the best-performing crypto among the top 10 projects in the weekly charts, rallying 8.8% in the last seven days.
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Factors Influencing The Crypto Market And XRP’s Performance
Why Is The Crypto Market Up Today?
The latest market resurgence could be due to an uptick in investor sentiment. Market participants may be pricing in a 50 basis-point Federal Reserve interest rate cut, which often leads to a surge in risky asset investments.
An interest rate cut could lead to a market-wide rally for the crypto sector, which could benefit Ripple’s XRP token.
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The S&P 500 also hit a new peak today and may have influenced the crypto sector.
How High Will XRP Go In September?
According to the analysts at CoinCodex, Ripple’s XRP token will surge to around $0.79 on Sept. 21, 2024. Hitting $0.79 from current price levels will lead to a rally of about 36.21%.
The platform does not anticipate XRP’s price to hold above $0.70, predicting a correction to around $0.61 by Oct. 13, 2024.
Changelly analysts also anticipate XRP rallying over the next few days. The platform predicts XRP hitting $0.77 on Sept. 20, 2024. Like CoinCodex, Changelly analysts anticipate a correction after hitting $0.77.
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Given that the cryptocurrency market maintains its current rebound momentum, the asset may not face a correction after breaching the $0.70 level.
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