Ripple’s XRP token climbed to a new all-time high of $3.65 on July 18th. The popular cipher reached a new peak after more than seven years. XRP prices have fallen more than 20% from their recent highs. According to data from Coingecko, XRP fell 11% last week, down 2.8% on the 14-day chart, and 16% from the previous month. Despite the revision, the asset has increased by 0.7% over the past 24 hours and 387.7% since August 2024.
Will XRP hit a new all-time high after interest rate cuts in September?
According to the CME FedWatch tool, there is an 81.2% chance that the Federal Reserve will cut 25 basis points in September. Interest rate cuts can lead to a surge in risky investments. Such developments could cause XRP prices to skyrocket.
While there is a high chance of interest rate reductions next month, it should be noted that the odds of interest rate reductions on CME’s FedWatch platform have been significantly immersed in the past few days. The chances of rate reduction were approximately 96%. A few days ago, the appearance was soaked in 84%. Since then, it has fallen to the 81% mark. That number continues to drop as we approach the Jackson Hole meeting.
XRP has struggled to gain momentum over the last few years due to the SEC lawsuit against Ripple. The lawsuit ended completely earlier this month. To keep the lawsuit out of the way, XRP could continue to reach its all-time highs if the market conditions are ripe.
XRP also has several spot ETF applications awaiting approval in the SEC. ETF approvals could result in projects registering large institutional inflows. Bitcoin (BTC) rose to several history highs after the ETF’s approval. A similar pattern may appear in XRP.
