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
Source: CoinGecko
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.
Source: CoinCodex
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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Source: Changelly
Given that the cryptocurrency market maintains its current rebound momentum, the asset may not face a correction after breaching the $0.70 level.