Waller's Rate Hike Comments Boost Bitcoin and XRP, But What Next for XRP?

Yesterday, Federal Reserve Governor Christopher Waller gave crypto traders reason to cheer when he said that he would support holding rates steady this month. This has lifted both Bitcoin and XRP, with the latter trading at $1.45, up about 5% over the past week and 37% over the past month.

XRP's price movement is not surprising given its sensitivity to interest rate changes. A Fed hold would remove one of the obstacles holding it back from Bitcoin's gains, and if Waller's comments are confirmed by next week's inflation data, it could be a catalyst for further gains.

The XRP price has been trailing Bitcoin all year, down 48% over twelve months against Bitcoin's 27%. However, XRP has moved further than Bitcoin in both directions this year, and its market cap is significantly lower at $87 billion compared to Bitcoin's $1.6 trillion.