XRP News – XRP Beats Bitcoin: 17% Price Jump Amid SEC Legal Challenges
XRP News – XRP has surged by 17% in the past 24 hours, outpacing Bitcoin (BTC) and other major cryptocurrencies, as recent developments in the U.S. regulatory landscape have fueled growth for tokens that were previously stunted by actions from the Securities and Exchange Commission (SEC). XRP, the native token of Ripple Labs, traded above 82 cents during early Asian trading hours on Friday, marking a significant jump that extends its 7-day gains to 50%—a level last seen in June 2023.
The price surge follows a wave of legal challenges against the SEC, with 18 U.S. states filing a lawsuit against the Commission and its members, including SEC Chairman Gary Gensler, accusing them of overstepping their constitutional authority in regulating the crypto industry. The legal pushback comes amid growing speculation that a crypto-friendly Trump administration could have a positive impact on tokens linked to U.S.-based companies like Ripple Labs (associated with XRP) and Uniswap (UNI). Traders anticipate that these companies could benefit from regulatory clarity and policies aimed at boosting the value for token holders.
XRP’s Surge Driven by Regulatory Backlash and Market Optimism
The optimism surrounding XRP‘s recent performance is largely driven by the growing momentum against the SEC’s stance on crypto regulation. Ripple’s legal victory in its ongoing court battle with the SEC, along with political developments, has sparked renewed interest in XRP and other crypto assets linked to U.S. companies. With the lawsuit challenging the SEC’s authority, traders believe that XRP could see continued bullish momentum if the regulatory environment becomes more favorable.
However, the broader crypto market has experienced mixed movements over the past 24 hours. While XRP has seen substantial growth, Bitcoin (BTC) and other major cryptocurrencies have faced slight declines. Bitcoin slipped by as much as 4% during late U.S. trading hours on Thursday as profit-taking occurred after several days of consistent growth. Ether (ETH) and Solana (SOL) also saw declines of around 3.5%, while meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) lost as much as 5% during the same period.
Federal Reserve Comments Dampen Bitcoin’s Rally, BTC Drops Below $90,000
The dip in BTC prices was fueled by hawkish comments from Federal Reserve Chairman Jerome Powell. Speaking at a conference in Dallas, Powell stated, “The economy is not sending any signals that we need to be in a hurry to lower rates,” dampening expectations of swift rate cuts. Powell’s remarks suggest that the U.S. Federal Reserve may maintain a cautious approach to rate cuts, which has impacted market sentiment in the short term.
As a result, Bitcoin dropped to $88,000 from a peak of $93,000 on Thursday, causing over $120 million in liquidations on both bullish and bearish bets. Despite the drop, BTC’s overall bullish trend remains intact, with many analysts predicting that the cryptocurrency could resume its upward trajectory in the near future, particularly with the potential for a crypto-friendly U.S. administration under former President Donald Trump.
Bitcoin’s Long-Term Outlook Remains Bullish, Trump’s Return Could Accelerate Gains
Despite the short-term correction, traders remain optimistic about Bitcoin’s long-term prospects. QCP Capital analysts, in a Telegram broadcast, maintained a positive outlook, suggesting that BTC could hit $100,000 to $120,000 in the near future. They attribute this anticipated price movement to the underlying strength of Bitcoin, which they believe reflects a systematic shift in market dynamics ahead of Trump’s potential return to office.
QCP Capital analysts also pointed to Trump’s proposed strategic BTC reserve, which could drive demand for Bitcoin as a store of value, further pushing up the price. They noted that Trump’s shift from gold to Bitcoin as a reserve asset could strengthen the narrative surrounding Bitcoin and attract institutional investors, adding fuel to the ongoing rally.
Pepe Token Sees Correction After Huge Surge, Market Sentiment Remains Bullish
In other market news, the Pepe (PEPE) token, which made headlines earlier this week after being listed on Coinbase, experienced a 8% correction after a massive 75% surge on Thursday. The surge had briefly propelled Pepe to a market capitalization of $10 billion, marking a new milestone for the meme token. However, the Pepe token saw a natural pullback following the massive gains.
Despite the correction in Pepe and other altcoins, the overall market sentiment for Bitcoin and the broader crypto space remains bullish. Many analysts are forecasting that Bitcoin’s dominance and the broader market’s shift towards adoption could drive sustained growth for digital assets over the coming months.
Market Outlook and Regulatory Developments: A Turning Point for Cryptos
With the shifting regulatory climate in the U.S. and the ongoing legal challenges against the SEC, the outlook for cryptocurrency remains promising. XRP, in particular, stands to benefit from a more crypto-friendly regulatory environment, potentially gaining significant traction in the coming weeks and months. While Bitcoin may face short-term volatility, its long-term potential remains strong, driven by the increasing institutional interest and the potential for regulatory clarity under a new administration.
As the legal battles unfold and regulatory clarity improves, cryptocurrencies like XRP, BTC, and ETH are poised to capitalize on the broader crypto adoption trend, which is expected to accelerate in the years to come.
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