Breaking news!!! Why did XRP rise today?

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As investors bet on XRP, the cryptocurrency market cap remained relatively stable during the same period, causing the price of XRP's native token to rise slightly above 1% in the past 24 hours.

The price of this cryptocurrency is likely to continue rising after a sharp drop from a high of around $2.875 earlier this month to a low of $1.984, as many investors decided to re-enter the market, pushing the cryptocurrency up to $2.226 at the time of writing.

After the Federal Reserve cut interest rates by 25 basis points and Chairman Jerome Powell hinted at a more hawkish stance, suggesting fewer rate cuts next year, the Australian dollar has gradually risen from its lows.

Powell's comments dampened investor sentiment and affected risk assets across the market, with the benchmark S&P 500 index plummeting over 3.5% before rebounding, but still down 1.2% for the week.

Nevertheless, positive market sentiment continues to benefit XRP, with renowned cryptocurrency analyst Ali Martinez stating that if the price of the cryptocurrency can hold above $2.2, it may eventually rise to the resistance level of $2.7.

It is also noteworthy that according to CoinShares' digital asset fund flow report, investment products focused on XRP attracted $8.8 million in inflows over the past week, bringing the year-to-date inflows to $430 million, accounting for more than half of its total assets under management.

Several catalysts have contributed to XRP's significant rise this year, including Republican candidate Donald Trump's victory in the U.S. presidential election, various applications for spot XRP exchange-traded funds, and Ripple's launch of its RLUSD stablecoin.

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