Why is the crypto market suddenly up? XRP up 5.4%, BTC up 3%
Author: Content Editor
The cryptocurrency market experienced a recovery after the US Consumer Price Index (CPI) report showed lower-than-expected inflation. Bitcoin saw a surge above $84,000 and XRP reached $2.25, with a 6% gain in the last 24 hours. The global market capitalization also rose to $2.76 trillion, a 2.6% increase. Analysts suggest that if inflation concerns persist, Bitcoin may not be able to breach its immediate resistance at $90,000 and could drop back to the $80,000 range. XRP's price also saw a bullish movement, breaking resistance at $1.96 and potentially moving towards a 161% upside. The impact of the CPI report was seen in traditional financial markets, with the Dow Jones Industrial Average rising 0.5% and the S&P 500 climbing 1%. The Nasdaq Composite led the rally with a 1.8% increase.
