The Dogecoin and XRP prices are jumping again, having witnessed massive declines earlier this week alongside the broader crypto market. This price surge occurred due to several factors, including the regulatory clarity which XRP could soon attain with the Ripple SEC settlement on the horizon.
Why Dogecoin And XRP Prices Are Jumping Again
CoinMarketCap data shows that the Dogecoin and XRP prices are up over 35 and 6%, respectively, in the last 24 hours. Both coins have recorded these price gains due to several fundamentals which provide a bullish outlook for them. One is the recent report by Journalist Eleanor Terrett that the Ripple SEC case could wrap up soon.
An end to the Ripple lawsuit is most especially bullish for the XRP price considering that it has been at the center of this long-running legal battle which began in 2020. A positive closure to the case would put to end doubts about XRP’s non-security status and boost investors’ confidence, which is why the coin has witnessed these gains.
An end to the Ripple SEC case is also bullish for the Dogecoin price and other crypto assets since it could lay to rest the argument that this asset class could be regarded as securities. Another reason the Dogecoin and XRP prices are jumping again is the potential 30-day ceasefire and ultimate end to the war between Russia and Ukraine.
In a Truth Social post, US President Donald Trump revealed that the US had very good and productive discussions with Russian President Vladimir Putin and that there is a “very good” chance that the bloody war can finally end. An end to the Russia-Ukraine war would help stabilize the markets, and the Dogecoin and XRP prices are already reacting to this bullish fundamental.
Macroeconomic Factors Beginning To Align
Macroeconomic factors are beginning to align for the crypto market’s benefit, which is another reason why Dogecoin and XRP prices are up again. The inflation data which were released this week indicated that inflation in the US may be reducing, which is bullish for these crypto assets.
The CPI inflation data showed that inflation surged to 2.8% in February, below the expected 3.0%. Meanwhile, the PPI data showed that inflation surged by 0%, way below the expected 0.3%. With these figures, there is some confidence in the market that inflation could indeed be slowing, which could prompt the US Federal Reserve to cut rates.
Rate cuts are bullish for the crypto market since investors would be confident in allocating enough capital to these risk assets. As such, Dogecoin and XRP prices are already pricing into these developments with their recent surge. From a macro standpoint, these coins could record further gains next week if the Fed adopts a dovish stance at its FOMC meeting and hints at imminent monetary easing policies.
Featured image from Pixabay, chart from TradingView
