Title: XRP Leads Crypto Market Recovery. What’s Behind This Rally?
Oct 14, 2022 12:46 AM ET
XRP's price has surged 5.79% in the past 24 hours, outperforming the rest of the cryptocurrency market.
The Ripple-affiliated token managed to regain the $0.50 mark on major spot exchanges.
Bitcoin (BTC) and Ethereum (ETH) are also in the green, adding 3.72% and 2.99%, respectively.
Major cryptocurrencies experienced a sudden drop on Thursday along with stocks due to hotter-than-expected inflation data. The US Federal Reserve is now all but guaranteed to implement another 75 basis point rate hike next month following the latest consumer price index (CPI).
The major stock indices experienced a very sharp turnaround yesterday. The Dow rose a whopping 1,500 points from its intraday low, closing 800 points higher. In fact, the S&P 500 index posted its highest trading range since 2000.
The major cryptocurrencies replicated this choppy trading session. Bitcoin came close to revisiting its yearly low of $17,600 in mid-July before recovering to nearly $20,000 on the same day.
The XRP market has been outperforming the broader cryptocurrency market recently amid positive developments in Ripple's fight against the U.S. Securities and Exchange Commission.
As reported by U.Today, Ripple CEO Brad Garlinghouse recently predicted that the lawsuit will likely be settled in the first half of 2023.
The XRP token experienced a significant price spike last month after both parties filed summary judgment motions.