XRP (XRP +2.87%) is rising, up 3.2% in the last 24 hours as of 6:09 p.m. on Tuesday. The move comes as the S&P 500 and the Nasdaq Composite gained 0.9% and 1.3%, respectively.
After a brutal few weeks for the crypto market, XRP and others saw green today. Job numbers released by the Federal Reserve Bank of Cleveland late yesterday are raising hopes the Federal Reserve will opt for further rate cuts.
CRYPTO: XRP
Key Data Points
October layoff notices hit a record high
The Worker Adjustment and Retraining Notification (WARN) Act requires that workers are given 60 days' notice in the event of mass layoffs or plant closings. And while tracking these notices provides only a partial view of overall U.S. job performance, they are a significant data point, especially when they are this bad.
October's nearly 40,000 WARN notices are one of the highest totals recorded since 2006, when the data was first tracked by the Federal Reserve Bank of Cleveland.
Image source: Getty Images.
The market is hoping more cuts will follow
The news adds to other troubling data that leads many investors to believe the Fed will cut rates once again at its next meeting. Lower rates tend to boost riskier and more speculative investments, like XRP.
And XRP is risky. While the technology that surrounds it is extremely useful for the banks that use it, its continued adoption won't necessarily lead to XRP rising in value. I think much of its current valuation is built on hype, and that hype will inevitably fade.
