The cryptocurrency market is showing signs of recovery, with XRP leading the upward momentum. Recent US employment data has influenced the market.
XRP Shorts Plummet
According to data from the analytics platform CoinGlass, approximately $2.9 million worth of XRP short positions have been liquidated in the past hour. This occurred as the price of the Ripple token surged by 5%.
Impact of US Employment Data
The cryptocurrency market, including XRP, is recovering following the release of US employment data. The U.S. economy added 143,000 jobs last month, significantly below the expected 170,000. However, the unemployment rate was lower than expected, at 4% instead of 4.1%.
Fed's Stance and Analyst Opinion
Analysts believe that the Federal Reserve will refrain from cutting rates in the near term. As Kathy Jones of Charles Schwab noted, the employment report shows a healthy job growth, stable participation rate, and wage growth above 4%, eliminating the need for the Fed to lower rates soon.
The cryptocurrency market continues to adapt to macroeconomic conditions, with XRP leading recent changes, highlighting its role in the emerging growth trend.
