The XRP/USD coin pair managed to keep its overnight bullish performance, remaining well bid around the $0.610599 level. However, the bullish bias surrounding the ripple coin could result from reports suggesting that Bybit is now offering users spot trading in cryptocurrencies, against the Tether (USDT) stable currency.

This news tends to leave a positive impact on cryptos, including Ripple XRP. Besides this, the weakness of the broad-based US dollar, triggered by multiple factors, has also played a significant role in supporting the Ripple price.

The XRP/USD is currently trading at $0.610599, with a 24-hour trading volume of $1,803,970,654. Ripple has risen by 1.94% in the past twenty-four hours. As already mentioned above, Bybit has expanded into the crypto spot-trading market.

On the USD front, the broad-based US dollar failed to extend its positive early-day performance. During the European trading session, it turned sour after Jerome Powell of the Federal Reserve shrugged off the latest jump in US inflation. The Federal Reserve also said that the bank would keep inflation under control by raising interest rates and tapering asset purchases.

In simple words, the Fed’s dovish stance keeps pushing the US dollar down. Therefore, the declines in the US dollar were seen as one of the key factors that are helping Ripple’s prices to stay bid.

On the negative side, the upticks in the Ripple were unaffected by the reports suggesting that Jed McCaleb has sold over 100 million XRP since the start of this month. Jed McCaleb continues dumping his stash, with approximately half a billion Ripple (XRP) remaining in his “tacostand” cryptocurrency wallet.