XRP outperforms even Raktbeej by adding more than 6% per day

The crypto market has registered several disastrous events in the recent past. Since the market crash in May, crypto asset prices have behaved differently every week. Sometimes the price outlook is positive, but other times it is worse.

From 15th September till today the volatility in the market is skyrocketing. Asset prices are more bearish than bullish. The merge led to a series of price drops, starting with Bitcoin losing $1000 a few minutes after the upgrade.

Related Reading: Investors Withdraw ETH Holdings Despite Successful Ethereum Merger

Ethereum and other altcoins have also lost their price gains and continued to trade in the red as of September 21. But amid the bloodshed, Ripple has continued to add rather than lose.

Ripple’s XRP price continues to appreciate

Ripple XRP has continued to add at least 6% every day lately. The XRP price history from the time of the market crash to the present day shows that the coin has yet to register a catastrophic decline. It continued to trade near the $0.3733 and $0.3421 price ranges in the months following the crash.

Currently, the price of Ripple XRP is at $0.3968, showing a decrease of 5.20% over the past 24 hours, up more than 17% over the week. In early September 21, the coin climbed above 6% before settling down. This price increase is marking a continuous increase for three consecutive days.

On September 20, Ripple XRP gained over 6.38%, taking its price to $0.3788. On the same day, its 1-hour gain and 7-day price rise were all green, indicating a positive trend. Following the uptrend, experts predicted that XRP could climb above $0.40, which happened today.

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Ripple was also affected on the day of the merge as it dropped to $0.3256 near the market close. But a few days later, on September 20, Ripple rose to $0.38, leading the price for three days to September 21.

It should come as no surprise that Ripple is adding to the bloodbath in the crypto market. The major event that could fuel such positive sentiment is the upcoming decision in the case of the Securities and Exchange Commission.

The war that started in 2020 seems to be over now. Ripple and the SEC have both called on a federal judge to make a ruling. The recent event has given rise to positive market sentiment towards XRP.

Ripple’s XRP price is currently trading around $0.40. , Source: XRPUSD Price Chart from TradingView.com How is the rate hike expected affecting the market?

Today is the long-awaited day for the Fed meeting. The market is anticipating a new hike in interest rates after long deliberations. The fear of consequences has kept the prices of many crypto assets in the red.

For example, bitcoin price continues to struggle near the $19k level. Currently, BTC is trading around $19,263 on the TradingView price chart. Prices have continued to fluctuate since the day break on September 21.

Notably, the price started in the red but has bounced back slightly pushing its 1-hour and 24-hour gains towards the green. But the 7 day price of bitcoin is still in the red, with a loss of 5.17%.

Ethereum and other altcoins also closed in the red this morning. But at the time of writing, ETH is up 0.84% ​​and 0.50% in both 1-hour and 24-hour gains, pushing them to the green. But its 7-day price loss is still in the red at 15.35%, which makes it a leader among others.

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Related Reading: Report Suggests Ethereum Could Take Another Hit, Is It Possible?

Following today’s announcement, the cryptocurrency price may drop or start a slight correction. If the Fed continues with 75 bps, the sentiment could turn positive.

But an increase of 100 basis points will lead to a sharp decline in the market.

Featured image from Pixabay and chart from TradingView.com

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