Loopring (LRC) is up 4.4% this week, trading at $0.1910, though it lags behind the broader cryptocurrency market, where Bitcoin (BTC) has risen by 5.2% to $99,300. Most of LRC's gains occurred on Wednesday following the release of December inflation data in the United States. Core inflation came in unexpectedly lower than both forecasts and the November reading, sparking optimism in the market.
The softer inflation data boosted market sentiment, increasing bets on a quarter-point interest rate cut by the Federal Reserve in March to 27.0%. This encouraged investors to increase their exposure to risky assets, including cryptocurrencies like LRC.
Despite recent gains, LRC remains under pressure, having fallen below the key support level at $0.2000 earlier in the month, with prices briefly heading toward $0.1000. The recovery to near $0.2000 suggests improving momentum, and further upside may be possible if Bitcoin maintains its upward trajectory.
