The recent jobs report from the US revealed a significantly lower job increase than expected. Crypto expert Austin Hilton shared his analysis of this report and its implications for the XRP market.
Reaction to the Jobs Report
In August, the US economy added only 22,000 jobs, far lower than the expected 75,000. Hilton noted that this signals a 'dramatically slowing US labor market.'
Significance for XRP
While many crypto holders may not closely follow Federal Reserve decisions, Hilton emphasized that such moves directly affect digital assets. Interest rate cuts could create conditions favorable for cryptocurrencies by easing financial pressures in traditional markets.
Outlook for XRP
Hilton also mentioned that XRP has been trading in a consolidation range from $2.8 to $3.35. He pointed out that $2.8 serves as a strong support level that has held firm. Given the current economic state, Hilton suggests this may precede renewed momentum for XRP.
The expert believes that the combination of a slowing labor market and potential interest rate cuts may positively impact XRP in the long term, creating growth opportunities for this asset.
