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Why Dogecoin and XRP Prices Are Jumping Again
Macroeconomic Factors Beginning To Align
The recent price surge of Dogecoin and XRP can be attributed to several factors, including the regulatory clarity that XRP could soon attain with the Ripple SEC settlement on the horizon. CoinMarketCap data shows that the Dogecoin and XRP prices are up over 35 and 6%, respectively, in the last 24 hours. Both coins have recorded these price gains due to several fundamentals which provide a bullish outlook for them.
Ripple SEC Case and Its Impact on XRP Price
An end to the Ripple lawsuit is most especially bullish for the XRP price considering that it has been at the center of this long-running legal battle which began in 2020. A positive closure to the case would put to end doubts about XRP’s non-security status and boost investors’ confidence, which is why the coin has witnessed these gains.
Dogecoin and XRP Prices Jumping Again Due to Other Factors
Another reason the Dogecoin and XRP prices are jumping again is the potential 30-day ceasefire and ultimate end to the war between Russia and Ukraine. In a Truth Social post, US President Donald Trump revealed that the US had very good and productive discussions with Russian President Vladimir Putin and that there is a “very good” chance that the bloody war can finally end. An end to the Russia-Ukraine war would help stabilize the markets, and the Dogecoin and XRP prices are already reacting to this bullish fundamental.
Factors Supporting a Bullish Outlook for Dogecoin and XRP
Macroeconomic factors are beginning to align for the crypto market’s benefit, which is another reason why Dogecoin and XRP prices are up again. The inflation data which were released this week indicated that inflation in the US may be reducing, which is bullish for these crypto assets. The CPI inflation data showed that inflation surged to 2.8% in February, below the expected 3.0%. Meanwhile, the PPI data showed that inflation surged by 0%, way below the expected 0.3%. With these figures, there is some confidence in the market that inflation could indeed be slowing, which could prompt the US Federal Reserve to cut rates.
Conclusion
In conclusion, the price surge of Dogecoin and XRP can be attributed to several factors, including the regulatory clarity that XRP could soon attain, the potential end to the Ripple lawsuit, and the potential 30-day ceasefire and ultimate end to the war between Russia and Ukraine. Additionally, macroeconomic factors are beginning to align for the crypto market’s benefit, which is another reason why Dogecoin and XRP prices are up again. As such, investors can expect these coins to record further gains next week if the Fed adopts a dovish stance at its FOMC meeting and hints at imminent monetary easing policies.
FAQs
Q: What are the main factors driving the price surge of Dogecoin and XRP?
A: The main factors driving the price surge of Dogecoin and XRP include the regulatory clarity that XRP could soon attain, the potential end to the Ripple lawsuit, and the potential 30-day ceasefire and ultimate end to the war between Russia and Ukraine.
Q: What is the current state of the Ripple lawsuit?
A: The Ripple lawsuit is ongoing, but there are reports that it could soon come to an end.
Q: What is the current state of the war between Russia and Ukraine?
A: The war between Russia and Ukraine is ongoing, but there are reports of a potential 30-day ceasefire and ultimate end to the conflict.
Q: What is the current state of inflation in the US?
A: According to recent data, inflation in the US may be reducing, which is bullish for the crypto market.
Q: What is the potential impact of a dovish stance by the Federal Reserve on the crypto market?
A: A dovish stance by the Federal Reserve could lead to rate cuts, which would be bullish for the crypto market.
