Why XRP (Ripple) Is Soaring Today
The cryptocurrency XRP (CRYPTO: XRP) is flying higher today, up 7.4% in the last 24 hours as of 3:57 p.m. ET. The jump comes as the S 500 jumped 1.5% and the Nasdaq-100 jumped 1.7% on the day.
Federal Reserve Chairman Jerome Powell spoke at the Jackson Hole symposium this morning. While he painted a somewhat mixed picture, he indicated rate cuts would be coming. This sent XRP and other more speculative investments higher.
Powell's speech showed that the Fed's decision of whether to begin cutting rates is not an easy one. There are signals of both a slowing economy and heating inflation -- it's not often that you find both happening at the same time. Still, Powell said that overall the economy is showing resilience and that inflation may not be enough of a concern to hold off on further cuts. While he didn't confirm that the Fed would cut rates in September, he seemed to signal that it would be the case.
Source Fool.com
