Ripple: AI Predicts XRP's Price For September 1, 2024
The cryptocurrency market slightly recovered over the weekend, with Bitcoin (BTC) briefly reclaiming the $64,000 level. Other crypto assets followed BTC’s lead, with Ripple’s XRP rallying 5% in the weekly charts and 6% in the 14-day charts. The asset continues to glow red in the other time frames, falling 1.7% in the last 24 hours and 0.5% over the previous month. Also Read: Bitcoin Climbs 5% as Powell’s Remarks Ignite Crypto Market Market Resurgence and Its Causes Source: CoinGecko The latest market rally is likely due to Federal Reserve chair Jerome Powell’s announcement of interest rate cuts beginning in September 2024. Traders and investors had long anticipated a rate cut this year. Impact of Interest Rate Cuts Also Read: Shiba Inu Forecasted to Hit $0.005: Here’s When The drop in interest rates could boost investor confidence to invest in riskier assets, such as cryptocurrencies. Ripple’s XRP token seems to have benefitted from the Fed’s announcement. ...