Federal Reserve Board member Milan recently proposed an interesting argument—interest rates could be cut by 150 basis points by 2026. If this actually happens, risk assets like XRP are likely to take off. Conversely, if the central bank ends up breaking its promise, there will be plenty of criticism.

This actually reflects the current psychological expectations in the crypto market: when will the easing policy arrive? The market is betting on the Fed's determination. A 150 basis point move is not small; if it materializes, it would mean a significant improvement in liquidity, giving risk assets a chance to breathe. However, policy expectations and actual implementation often differ, which is why the market is so sensitive to every official statement.

From XRP's performance, it’s clear that exchange tokens are particularly sensitive to macro expectations. Once the expectation of lower interest rates is confirmed, risk appetite increases, and funds tend to shift from stable assets to risk assets. Of course, this depends on whether that 150 basis points actually materializes; otherwise, it would just be a false alarm in the market.