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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."
Powell money line: “policy adjustment may be warranted, with rates still restrictive” setting up for a Sept cut
— Sara Eisen (@SaraEisen) August 22, 2025
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.
Odds of a rate cut are surging after Powell's speech - from 60% to 80%.
— Miles Deutscher (@milesdeutscher) August 22, 2025
The market likes it. pic.twitter.com/6efqHZDnJH
Fundstrat's Tom Lee has stated that Powell's speech was bullish for major cryptocurrencies as well as small caps.