Primary catalysts driving the #XRP price upward today include a broader recovery sentiment across the crypto market and whale accumulation.
U.S. inflation report sends cryptos like XRP flying
XRP's gains today are part of a rebound that started after the U.S. Consumer Price Index (CPI) reported a cooling inflation on May 15.
Core inflation in the U.S. rose 0.3% to 3.6% in March, the lowest reading excluding food and energy since April 2021. In response, bond traders increased their bets on the year's first interest rate cut to September from November, according to CME data.XRP's price has increased 5% since the CPI release, indicating the prospects of rate cuts have boosted investors' appetite for crypto assets.
XRP whales buy $55 million worth of tokens
XRP price gains today further coincides with signs of accumulation among its richest investors, also known as "whales."
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According to data resource platform Santiment, entities with a 1 million-10 million XRP balance have increased their token holdings by 110 million (worth around $55 million) in the last two weeks, as shown in the chart shared by analyst Ali Martinez below.Technology is shaping the future of numerous sectors, and agriculture is not immune to the change. Blockchain-powered change is on the horizon for farmers, potentially making agriculture technology (AgTech) accessible to all.
