XRP Rebounds to $1.50 Amid Eased Fed Rate Hike Expectations

Ripple's XRP cryptocurrency has reclaimed its $1.50 price level after a modest rebound of 1.2% on Sunday, outperforming the broader crypto market.

The move is attributed to eased selling pressure and steady ecosystem sentiment, rather than any singular catalyst. A market-wide beta move was observed as softer U.S. jobs data reduced expectations for Federal Reserve rate hikes and lifted Bitcoin and correlated assets like XRP.

The primary driver of the crypto market's gain was a weaker-than-expected U.S. September jobs report, which added only 29,000 jobs against an expected 90,000, lowering odds of an imminent Fed rate hike to 83.9%.

However, traders are cautious about the immediate risk lying in the U.S. Treasury market, where the 10-year yield has spiked above 5.36%. The upcoming release of the Fed's September meeting minutes will reveal the depth of division within the FOMC regarding inflation versus employment risks.