Recent changes in XRP's prices have attracted analysts' attention, notably Austin Hilton, who emphasizes both internal and external factors contributing to the cryptocurrency's growth.
XRP's Rise and Market Dynamics
Austin Hilton shared his view on XRP's recent increase, noting that the cryptocurrency was trading about 5% higher at the time. He added that XRP was among the leading assets within the top fifteen cryptocurrencies. Alongside XRP's increase, Solana was also up 5%, and Dogecoin had risen by 8%.
Influence of Macroeconomic Factors
Hilton noted that recent gains in traditional stock indexes, such as the S&P 500 and NASDAQ, also influenced the cryptocurrency market. He highlighted that the weak jobs report for August, showing only 22,000 jobs added, raised expectations for an interest rate cut by the Federal Reserve.
Expectations Ahead of the Federal Reserve's Decision
According to Hilton, the next significant date for the cryptocurrency market is the Federal Reserve's decision on September 17. He believes an aggressive rate cut may be on the horizon, further fueling bullish trends for XRP and other cryptocurrencies.
Overall, Hilton's analysis connects XRP's recent rise to a combination of internal and external factors. Anticipation of the upcoming Federal Reserve's decision may play a crucial role in sustaining the positive trajectory for XRP and other cryptocurrencies.
