(MENAFN- Yolo Wire) The price of XRP (CRYPTO: %XRP ) is back above $3 U.S. amid a broader rally in %Cryptocurrencies to start the month of October.

After languishing throughout much of September, XRP is currently trading at $3.03 U.S. per digital token and above the key support level of $3 U.S., say analysts.

XRP appears to have gotten a boost from news that Ripple Chief Technology Officer (CTO) David Schwartz will step down from his daily responsibilities while continuing to serve on Ripple's board of directors.

%Ripple is the company behind the XRP cryptocurrency. Ripple CEO Brad Garlinghouse praised Schwartz as a visionary crypto pioneer, highlighting his contributions to the XRP ledger.

Analysts say that Schwartz's continued role on Ripple's board of directors will ensure continued influence over the XRP ledger.

At the same time, XRP appears to be rallying along with the entire crypto market as the price of %Bitcoin (CRYPTO: %BTC ) rises back above $120,000 U.S. per share.

Investors appear to once again be bullish on crypto as expectations grow for U.S. regulators to approve a new slate of cryptocurrency exchange-traded funds (ETFs).

Expectations for two more interest rate cuts from the U.S. Federal Reserve this year are also bullish for risk assets such as cryptocurrencies.

The price of XRP is up 45% this year and has gained 461% over the past 12 months.

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