The third-biggest cryptocurrency, XRP, witnessed a staggering 5.36% surge in the last hour despite the latest unemployment report revealing that the unemployment rate dropped to 4.0 percent in January. The report also revealed that total nonfarm payroll employment increased by 143,000 in January.
However, many think tanks and analysts are saying this report is not so bullish for risk-on assets like Crypto. While there is no direct correlation between crypto and the unemployment rate, a rising unemployment rate usually indicates growing interest in cryptocurrencies as a “safe haven” asset during periods of economic uncertainty and vice versa.
The spike was observed after whales decided to capitalize through buying dip and accumulated 520 million XRP as most cryptocurrencies are expected to surge in the upcoming days. At the time of writing, the cryptocurrency is trading at around $2.47 with a 7.06% hike in 24 hours, according to CoinMarketCap.
Whales seized the opportunity during the recent dip, buying 520 million $XRP! pic.twitter.com/v2Lu4uBMgm
— Ali (@ali_charts) February 6, 2025
According to some analysts, XRP is recently recovering from a major correction after its previous five-wave rally, which helped it touch its recent peak at around $3.40 on January 16. The price experienced a sharp pullback before finding a strong support near $1.80, which aligns with the 0.5 Fibonacci retracement level. If the cryptocurrency maintains its current momentum, it could
Will Ripple (XRP)’s Legal Trouble Finally End?
Under U.S. President Donald Trump’s new administration, the crypto-friendly regulation is reviving hope in the crypto community. Federal agencies like SEC with pro-crypto leadership could form a crypto-friendly regulation that could ultimately help the digital asset world to thrive and strive.
There’s a buzz in the crypto market that the SEC could change its mind not to appeal after Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty dined with Donald Trump. However, an expert in legal matters, Jeremy Hogan revealed that while the Ripple case has been officially removed from the SEC’s litigation section, it has simply been relocated to the “cases on appeal” section.
Also Read: XRP Whales Fight Back: Can the Reversal Rally Push Prices to $4?
Source: https://www.cryptonewsz.com/xrp-surges-5-despite-drop-in-unemployment-rate/