XRP Surges 17% Amid Crypto Market Turbulence; $120K Bitcoin Target in Focus Regulatory Optimism Boosts XRP as BTC Takes a Breather
XRP soars on U.S. regulatory developments, while BTC dips amid profit-taking, but bullish sentiment for $120K remains strong.
By Tylt Editorial Team
XRP jumps 17%, outperforming bitcoin and other majors.
Market speculates on Trump’s potential impact on crypto policies.
BTC drops to $88K after liquidations, but $120K target remains viable.
XRP surged by 17% within the last 24 hours, outperforming bitcoin (BTC) and other major cryptocurrencies amid growing optimism around a favorable U.S. regulatory environment. This latest rally pushed XRP above 82 cents during early Asian trading hours on Friday, marking a 50% gain over the past week and reaching levels unseen since June 2023.
The spike comes as 18 U.S. states filed a lawsuit against the Securities and Exchange Commission (SEC), accusing the agency of overreaching its authority in regulating the crypto industry. Speculation is rife that a more crypto-friendly administration under former President Donald Trump could pave the way for tokens like XRP and Uniswap (UNI) to flourish, given their ties to U.S.-based companies.
Meanwhile, BTC and other major tokens faced a downturn after a period of significant growth. Bitcoin fell to $88,000 from a peak of $93,000 on Thursday, causing over $120 million in liquidations across bullish and bearish positions. Ethereum (ETH) and Solana (SOL) slipped by 3.5%, while memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) lost up to 5%.
The decline was largely attributed to profit-taking and hawkish comments by Federal Reserve Chair Jerome Powell. During a Dallas conference, Powell emphasized that the economy’s current strength allows for cautious rate decisions, dampening hopes for aggressive cuts. As a result, the market now estimates a 66% likelihood of a 25-basis-point rate cut at the December FOMC meeting, down from 83% the previous day.
Despite the pullback, bullish sentiment for BTC remains intact. Traders at QCP Capital suggested that bitcoin’s rally since the U.S. elections reflects a structural shift in market dynamics, potentially fueled by the narrative of Trump’s return to office. His proposed policies, such as establishing a strategic BTC reserve and reducing reliance on gold, could support BTC prices in the long term.
In a Telegram broadcast, QCP Capital stated their belief that BTC’s target of $100,000 to $120,000 remains achievable, highlighting the underlying market strength amid current volatility. As the crypto market steadies, the anticipation of a more crypto-supportive U.S. administration could play a pivotal role in shaping its next big move.
