XRP Bounces Back as Inflation Print Fuels Rate Hike Odds Drop

XRP has retreated slightly over the past week, dropping from $1.65 to $1.50 at the time of writing.

However, today's inflation report in the United States could have a significant impact on the crypto market as a whole. The PCE Price Index came in below expectations, with an annualized variation of 3.4%.

This has led to a decrease in odds of a rate hike during the FOMC's October meeting, from around 51% to 37%. XRP recovered from its session low of $1.48 before the report was released to $1.52 at the time of writing, a 2.7% increase.

The trading volumes remain elevated, sitting at $4.3 billion, which accounts for 4.4% of the asset's circulating market cap and is twice as high as before this latest bull market started.