Waller's Rate Hike Comments Boost XRP, Bitcoin Trades Above $81,000
US Federal Reserve Governor Christopher Waller's comments on September 3 cooled rate hike fears and lifted cryptocurrency prices, including Bitcoin and XRP. Waller said he would support holding rates steady this month if inflation data allows, which cut the odds of a September rate hike by 12 points to 55%. The 10-year Treasury yield fell to about 4.75%.
XRP's price has increased by about 5% over the week and 37% in a month, trading at $1.45. This movement is significant because XRP had trailed Bitcoin for most of this year, down 48% over twelve months against Bitcoin's 27%. However, Waller's comments could be a catalyst for XRP to follow Bitcoin's lead.
The Fed will announce its rate decision on September 16, one day after the Senate votes on whether to advance the CLARITY Act. This bill would settle whether XRP falls under the SEC or the CFTC, providing regulatory clarity for the asset. If cloture passes and the Fed holds rates steady, it could give XRP a boost.