XRP Breaks Out Amid Flare Utility Boost and Fed Uncertainty
Ripple's XRP token has seen modest gains, trading around $1.08 at the time of writing on Wednesday.
The remittance token mirrors the general neutral-to-bullish outlook in the crypto market, as focus shifts to the Federal Reserve (Fed) rate decision.
Market participants widely expect the Fed to leave interest rates unchanged in the 3.50%-3.75% range, with a 35% probability that the central bank will hike interest rates by 25 basis points (bps), underscoring prevailing market uncertainty.
The Flare Network's Flare Smart Accounts (FSA) v1.3 has announced improvements to the process of staking XRP to earn yield in the decentralized finance (DeFi) space, allowing billions of XRP that have been sitting in wallets to easily be connected to smart contracts through a collapsed single XRP Ledger (XRPL) signature process.