Bitcoin is nearing the $86,000 mark, while XRP surged by 10% as the cryptocurrency sector shows signs of recovery. Notably, XRP’s upward trajectory is linked to Ripple Labs resolving its legal disputes with the U.S. Securities and Exchange Commission (SEC) and the recent announcement by Bitnomial regarding futures associated with the token.

Despite the Federal Reserve’s decision to maintain interest rates and their pessimistic growth forecasts, President Trump has called for cuts, adding a layer of uncertainty to market expectations.

Key Highlights:

• Bitcoin (BTC) is showing a promising rise towards $86,000, leading a notable recovery in the crypto market.
• XRP experienced a peak increase of 12%, bolstered by Ripple Labs concluding its prolonged legal fight with the SEC.
• President Trump has proclaimed the necessity for the Fed to reduce rates as tariff measures begin impacting the economy.

“The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy,” Trump tweeted, proclaiming April 2nd as “Liberation Day in America!”

Traders remain wary of ongoing trends, suggesting that the current market movements may simply be a temporary relief rally, especially after an extended period of market sell-offs. “The rally likely reflects a relief bounce as the markets stabilize after five weeks of consecutive declines,” noted Augustine Fan from SignalPlus.

In a similar vein, Jeff Mei from BTSE observed that overall market sentiment has been subdued recently, leading to this renewed interest once Fed Chair Powell delivered a neutral assessment.