XRP saw a significant price rebound on Friday, rising above $2.42. This rally was primarily driven by the U.S. Securities and Exchange Commission's initiation of settlement talks with Ripple. Additionally, market speculations about Blackrock potentially launching altcoin derivatives products further fueled XRP's upward movement. Meanwhile, in the currency market, the AUD/USD pair maintained higher ground above 0.6300 during the Asian session on Monday. This performance was supported by the Chinese government's plan to boost consumption, alongside a weaker US Dollar and increased risk appetite.
The cryptocurrency market witnessed notable activity as XRP's price surged due to optimistic developments around Ripple. The SEC's engagement in settlement talks with Ripple provided a positive impetus, encouraging investors and traders. Further speculation that financial giant Blackrock might venture into altcoin derivatives added to the market's enthusiasm, contributing to XRP's robust performance.
In the forex market, the Australian Dollar found strength against the US Dollar, with AUD/USD trading above 0.6300. This resilience was aided by China's strategic measures to enhance consumption, providing a tailwind for the Aussie currency. Additionally, a softer US Dollar and a rise in risk appetite among investors bolstered the AUD/USD pair.
Gold prices remained strong during the Asian session on Monday, although they stayed below the $3,000 mark. The precious metal's stability was supported by dovish expectations surrounding the Federal Reserve's monetary policy, which kept yields low and provided an undercurrent for gold prices. In contrast, the USD/JPY pair started the week on a weaker note, trading below 149.00. This followed mostly positive activity data from China for January and February, which helped sustain the pair's firmness.
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