XRP surged 17% in the past 24 hours, outpacing Bitcoin (BTC) and other major cryptocurrencies as a changing U.S. regulatory landscape bolstered growth in tokens previously affected by the Securities and Exchange Commission’s (SEC) actions.
As of Friday morning in Asia, XRP traded above 82 cents, marking a 50% gain over the last week and reaching its highest level since June 2023. This surge came amid legal challenges to the SEC, as 18 U.S. states filed a lawsuit accusing SEC chairman Gary Gensler and other commissioners of overstepping their authority in regulating the crypto industry.
The market sentiment has turned speculative, with traders believing that a potential Trump administration could offer a favorable environment for U.S.-based crypto companies like Ripple Labs (which issues XRP) and Uniswap (UNI), both of which are closely linked to the success of their tokens.
Meanwhile, Bitcoin and other major cryptocurrencies experienced a dip of up to 4% due to profit-taking, following days of gains. This market pullback was further exacerbated by hawkish comments from Federal Reserve Chair Jerome Powell, who downplayed the need for quick rate cuts. “The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said at a conference in Dallas. As a result, expectations for a 25 basis point rate cut in December dropped to 66%, down from 83% the previous day.
Bitcoin fell from a high of $93,000 on Thursday to $88,000, triggering over $120 million in liquidations across both long and short positions. Other tokens such as Ether (ETH), Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) also saw declines, ranging from 3.5% to 5%.
Despite the pullback, the broader crypto market sentiment remains optimistic. The CoinDesk 20 Index, which tracks the largest tokens by market capitalization, showed little movement, while new entrant Pepe (PEPE) corrected 8% after a massive 75% surge on Thursday following its Coinbase listing.
Traders at QCP Capital remain bullish on Bitcoin, with the firm’s Telegram broadcast noting that Bitcoin’s strong rally since the U.S. elections could push its price to $100,000–$120,000. “We believe the strength in BTC represents a fundamental shift in the market, driven by anticipation of Trump’s return to office,” the QCP team said. “His idea of launching a strategic BTC reserve and shifting from Gold to BTC provides a compelling narrative supporting Bitcoin prices.”
