XRP has gained 37.9% in past month
XRP buyers seem to be in limbo as XRP price made a minor rally from its October 12 low of $0.477. At the time of publication, XRP was changing hands at $0.48, down 0.64% over the past 24 hours.
The crypto market saw another selling bout as prices paid to U.S. manufacturers increased more than anticipated in September. This might imply that it could take some time for inflationary pressures to abate, keeping the Federal Reserve on its aggressive path of interest rate hikes.
The producer price index for final demand was up 0.4% from August, the first gain in three months, and it was up 8.5% from a year earlier, according to Labor Department data released Wednesday. In September, the so-called core PPI rose 0.3%, up 7.2% from the previous 12 months.
The minutes from the Fed’s latest meeting are due later on Wednesday, followed by U.S. consumer price index data on Thursday, which is expected to remain persistently high.
Charles EdwardThe CEO of Capriole Fund believes this week could be a “big one” given the major release scheduled for later this week.
XRP is up 37.9% since September
According to CoinGecko data, XRP has gained 37.9% in the past month, ranking as one of the top gainers in this timeframe. So far this month, Bitcoin and Ethereum are down 12.1% and 26.4%, respectively.
As the Ripple SEC lawsuit proceeds, XRP has been isolated from the rest of the cryptocurrency market, outperforming the majors. Crypto enthusiast David Gokhshtein tweeted about buying more XRP as support for Ripple. Meanwhile, the XRP community is keeping its fingers crossed on the SEC’s next step towards issuing the Hinman email.
According to James K. Filan, “If the SEC decides to file a motion for reconsideration of Judge Torres’s ruling on the SEC objections regarding the Hinman documents, that would be due (tomorrow) October 13.”
