Ripple (XRP) surges 8.8% in a day... Recaptures $1.44, next target $2?

▲ XRP/ChatGPT generated image ©

As XRP (Ripple) surged 8.8% in a single day, reclaiming $1.44, market attention is once again focused on the $2 mark. Despite adverse factors such as the US interest rate hike, the rejection of the US cryptocurrency market structure bill, and the Clarity Act, the cryptocurrency market rebounded, with falling international oil prices and increased liquidity cited as factors supporting XRP's rise.

According to cryptocurrency media Watcher.Guru on September 19 (local time), XRP rose 8.8% in the last 24 hours, recovering to $1.44, with its monthly gain reaching approximately 30%. XRP's rebound, after suffering strong selling pressure for several months, is a result of the overall market recovery. Notably, despite the US Federal Reserve (Fed) recently raising its benchmark interest rate by 25 basis points and the US Senate failing to pass the Clarity Act, the cryptocurrency market moved in the opposite direction of these bearish factors.

The decline in international oil prices was mentioned as a background for this rebound. Lower energy prices are expected to ease future inflationary pressures, which in turn could raise expectations for a potential Fed interest rate cut. Generally, lower interest rates can expand investment demand for risky assets, which could positively impact the cryptocurrency market, including XRP.

The market is also interested in whether XRP can once again surpass $2. The last time XRP traded above $2 was in January of this year, and on July 17, it reached an all-time high of $3.65. The media explained that the price surge at that time occurred after the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple officially concluded.

However, uncertainties remain regarding the future price trajectory. While the US Treasury's recent bond buybacks boosted market liquidity, benefiting cryptocurrencies like XRP, there's a possibility of a price correction when the Treasury needs to withdraw funds from the market in the future. Therefore, the media believes it's difficult to conclude that a $2 breakthrough is imminent based solely on the recent surge.

Nevertheless, some market experts predict that momentum in the cryptocurrency market will strengthen in the latter half of this year. Bernstein projected that Bitcoin (BTC) would reach $100,000 by the end of 2026, and Watcher.Guru reported that if Bitcoin indeed reaches $100,000, XRP could be boosted to surpass $2. Ultimately, the next upward phase for XRP, which has recovered to $1.44, depends on the overall trend of the cryptocurrency market and the liquidity environment.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*