The cryptocurrency market appears to be recovering, with Bitcoin (BTC) regaining its price of $60,000. The global cryptocurrency market capitalization rose 2.4% in the past 24 hours to $2.18 trillion.
Most assets seem to be following BTC’s recovery trajectory. Meanwhile, Ripple’s XRP token is down 0.7% on the daily chart but is the best-performing cryptocurrency among the top 10 projects on the weekly chart, rising 8.8% over the past seven days.
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Factors influencing the cryptocurrency market and XRP performance
Why is the cryptocurrency market rising today?
The recent market recovery could be attributed to rising investor sentiment, as market participants may be pricing in a 50 basis point interest rate cut by the Federal Reserve, which often leads to a surge in risky asset investment.
A cut in interest rates could lead to an overall market rally in the cryptocurrency sector, benefiting Ripple’s XRP token.
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The S&P 500 also hit new highs today, which may have had an impact on the cryptocurrency sector.
How far will XRP rise in September?
According to analysts at CoinCodex, Ripple’s XRP token will surge to around $0.79 on September 21, 2024. Reaching $0.79 from the current price level would lead to an upside of around 36.21%.
The platform does not expect the price of XRP to remain above $0.70, predicting it will fall to around $0.61 by October 13, 2024.
Analysts at Changelly also expect XRP to rise in the coming days. The platform predicts that XRP will hit $0.77 on September 20, 2024. Similar to CoinCodex, Changelly analysts expect a correction after reaching $0.77.
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Considering that the cryptocurrency market maintains its current recovery momentum, the asset may not face a correction after breaking through the $0.70 level.
