XRP and Terra LUNA Sustain Gains as Market Declines

XRP (XRP) and Terra (LUNA) are surpassing the top 20 by keeping earnings at press time. Both tokens are currently in 24-hour green amid a backdrop of market declines. At press time, Bitcoin, the largest cryptocurrency in terms of market capitalization, was trading at $ 45,633, representing a 2.28% drop throughout the day. Ethereum was also at $ 3,778, down 3.74% on the day.

CoinMarketCap data
Fountain: CoinMarketCap data

XRP briefly spiked to hit intraday highs of $ 0.915 before dropping to where it currently trades at $ 0.832. As U.Today reported, almost 450 million XRP has been traded in the last 14 hours, coinciding with the recent price increase.

Terra (LUNA) is up 28% in seven days to a current price of $ 75.61. On-chain analysis observes a decoupling of selected altcoins, such as Terra (LUNA), from the overall market trend.

Market falls despite Chinese central bank rate cut

The Chinese central bank has Announced a cut in its benchmark credit rate for the first time in nearly two years amid mounting economic pressures. The one-year loan prime rate (LPR) fell from 3.85% to 3.8%, the People’s Bank of China (PBoC) reported on Monday.

Interest rate cuts tend to be beneficial for cryptocurrencies as they inject liquidity into the system. However, current market action seems to suggest that China’s rate cut could be minimal compared to the impending tightening by the Fed and other central banks. The week before, the Fed signaled three rate hikes in 2022 and the Bank of England posted a surprise interest rate hike.

Source: https://u.today/xrp-and-terra-luna-sustain-gains-as-market-declines

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