Ripple rallies 7% as risk appetite rebounds

Ripple rose on Tuesday as most cryptocurrencies rebounded with investors shunning safe havens and flocking to riskier assets. 

It comes amid optimism about the Israel-Iran ceasefire, backed strongly with US President Donald Trump.

Fed Chair Jerome Powell testified ahead of Congress that the Federal Reserve isn’t in a hurry to cut interest rates.

Trump continued his attacks against Powell and said he hoped Congress would take “this stubborn and stupid person” into account, adding that America will pay the price of “his stupidity” for many years to come. 

Trump said there’s inflation in the US and the economy is doing great, and asked once more for interest rates to be down by two or three percentage points, which would save the government $800 billion a year.

Earlier data showed the Conference Board’s consumer sentiment survey in the US down 5.4 points to 93 points in June, while analysts expected 99.4.

Ripple

On trading, ripple surged 6.8% as of 21:09 GMT on Coinmarketcap to $2.21.