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XRP XRP holders have had a difficult week and the market situation has turned around
XRP holders have had a difficult week, but things are improving. Austin Hilton, a cryptocurrency expert and content creator, released a video showing the cryptocurrency market soaring 6.77% in 24 hours, with hundreds of billions of dollars pouring in without any single catalyst to explain the phenomenon.
The crypto world has just gone through a brutal week. The Federal Reserve raised interest rates, and Bank of Japan followed suit. On Tuesday, the CLARITY Act failed to pass the Senate, causing XRP to fall more than 10%, reaching as low as $1.28. Despite these developments, the market continued to rise strongly. XRP has rebounded to $1.40, Bitcoin broke through $81,000, rising 6.6% in 24 hours; Ethereum rose nearly 8%;Solana rose 12%; and Arbitrum rose 29%. The total market value of cryptocurrencies reached US$2.78 trillion.
Lack of specific catalysts
Hilton's core observation is eye-catching. "There's really no specific catalyst to point to," he said. He acknowledged that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued various guidance and regulatory announcements and submitted them to the White House for approval. He believes the announcements contributed to the market's rise. But the lack of a single major trigger told him some important information about the market itself.
Backlogged demand drives the market
Hilton believes that the real story lies in the large amount of capital on the sidelines. "There is huge amounts of money ready to flow back into the crypto market," he said. Without anything behind the headlines, the speed and scale of the recovery suggests investors have been waiting for any reason to act. He pointed out that FOMO (Fear of Missing) is a secondary force. As prices rose, investors who were holding money began to enter and drive the market. Bitcoin's breakthrough of $80,000 triggered short liquidations of more than $183 million, further adding upward momentum.
The current Crypto Fear and Greed Index is 74. Given what has just happened, Hilton believes this is noteworthy. "This came after a really bad week," he said, citing factors such as the Federal Reserve's rate hike, Japanese bank rate hike and the failure of the CLARITY Act.
Enlightenment for future trends
Hilton remains cautiously optimistic. He hopes to see the market continue before reaching a clear conclusion. He pointed out that the market needs more than a day of gains to confirm the trend. XRP has risen 24% in the past month. With the CLARITY Act off the agenda for at least the next Congress, price movements thereafter will depend on the market's next decision.
