XRP season starts with a 35% gain, here's why it's up!
XRP's recent price performance has been eye-catching, attracting the attention of the entire cryptocurrency market. This thing fell to more than $0.39 on July 5, but now, in just a few hours, the price has jumped above $0.52, and the latest price is $0.5294. From the low point of that day, it has directly increased by more than 35%, ranking seventh in the cryptocurrency market capitalization list.
Not only that, XRP has also increased by more than 26% this week, and has soared by more than 2% in the past 24 hours.
Speaking of why XRP is so strong, we have to mention three key points:
XRP Freedom Day: First of all, on July 13 last year, Judge Analisa Torres ruled in the lawsuit between the SEC and Ripple that XRP is not a security. This is big news, and XRP immediately became excited, and the price directly rushed to more than $0.93.
This year, it happened to be the first anniversary of "Freedom Day". XRP took advantage of this joy and the price rose rapidly. Everyone treated this day as a holiday.
SEC closed-door meeting: In addition, the SEC recently held another closed-door meeting, which was scheduled for 2 pm on July 18 (US time). This meeting is said to resolve some bans and lawsuits. Everyone guessed whether the SEC wanted to settle the lawsuits with Ripple in recent years.
Although similar meetings have been held before, but they did not reach an agreement in the end, this time, no one can say, anyway, the market is looking forward to it.
Expectations of Fed rate cuts: Finally, the entire cryptocurrency market is looking forward to the Fed's rate cuts. Everyone guessed that the Fed might take action before September next year. As a result, cryptocurrencies breathed a sigh of relief and began to rebound.
The global cryptocurrency market value has now increased by more than 4%, nearly 2.3 trillion US dollars. Big players like BTC, ETH, SOL, and XRP have all risen by 2% to 5% in the last 24 hours, and the market is quite lively.
