XRP Price Bounces Amid Record Active Addresses and Hawkish Fed
The XRP price is showing signs of recovery as active addresses hit a record high. Despite this, yearly losses are still at 28% due to the latest decline, with trading volumes slightly lower but still higher than a month ago at $2.7 billion.
This figure accounts for 3.2% of XRP's circulating market cap. Market sentiment remains bullish, as reflected by the Crypto Fear and Greed Index, which currently sits at 69, down from its recent peak of 80, indicating 'Greed' mode among market participants following regulatory and macro tailwinds.
The Federal Reserve's upcoming rate hike has increased the odds of a September increase to 66%, as Chairman Kevin Warsh is hesitant to let inflation run hotter. This hawkish stance is expected to put selling pressure on the crypto market, but Wall Street continues to buy XRP despite this uncertainty.