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The prices of Ethereum (ETH) and XRP have just soared sharply higher after Federal Reserve Chair Jerome Powell signalled that the central bank would cut interest rates due to "shifting economic risks."
Both ETH and XRP have added more than 7% in mere minutes following Powell's much-awaited dovish pivot.
The flagship altcoin has surged to an intraday high of $4,652 on the Bitstamp exchange. The altcoin is within striking distance of a new all-time high once again after coming awfully close to a new record peak earlier this year.
Meanwhile, the Ripple-linked cryptocurrency has reclaimed the $3 level once again.
Bitcoin is currently severely underperforming the two major altcoins, but it has managed to reclaim the $115,000 level.
Surging rate cut odds
The odds of a September rate are now surging after Powell's speech, reaching more than 80% on the Polymarket platform.
Fundstrat's Tom Lee has stated that Powell's speech was bullish for major cryptocurrencies as well as small caps.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team