XRP prices recorded significant gains today in line with positive sentiment in the global crypto market. The rise was driven by a combination of legal and economic factors that increased investor confidence in the digital asset.
At 10 am, XRP opened at $2.1736 and has declined slightly to 0.03% since it opened in early trading Wednesday in the Asian session.
The chairman of the US Senate Banking Committee, Tim Scott, has introduced a new draft, the Clarity Act. It is a law aimed at providing clearer and crypto-friendly regulations.
The good news for XRP investors is the proposal to classify XRP on a par with Bitcoin and Ethereum, thus reducing concerns about regulatory issues that have long overshadowed the token.
In addition, lower-than-expected US inflation data signaled that price pressures are easing, thus raising hopes that the Federal Reserve will cut interest rates several times this year.
Lower interest rates are usually positive for risky assets like crypto as they encourage capital flows into the market.
With a combination of hopes for clearer regulations and looser monetary policy, XRP and the crypto market as a whole received a surge of positive momentum.
