In a surprising twist amid the ongoing US election drama, the XRP token has skyrocketed 18% over the past 24 hours, outpacing Bitcoin (BTC) and other major cryptocurrencies. This surge comes as the overall crypto market cools off following several days of bullish momentum, with Bitcoin pulling back to $88,000 after hitting a peak of $93,000.
Shifting Regulatory Landscape Boosts XRP
The XRP rally appears to be fueled by a changing regulatory climate in the United States. In a shock move, 18 US states have filed lawsuits against the Securities and Exchange Commission (SEC), including its Chair Gary Gensler, accusing them of unconstitutionally abusing their power against crypto.
Traders are speculating that a crypto-friendly Trump administration could benefit tokens tied to US-based companies like Ripple Labs (XRP) and Uniswap (UNI). With the firms more involved in boosting token holder value, the regulatory easing is seen as a major tailwind.
Bitcoin Consolidates as Traders Eye $120,000
Meanwhile, Bitcoin and other major cryptocurrencies fell around 4% in late Thursday trading in the US, an expected market reaction after several days of gains. The catalyst for the drop came from hawkish comments by Federal Reserve Chair Jerome Powell in his latest speech.
“The economy isn’t sending any signals that we need to be in a hurry to lower rates,” Powell said.
Despite the pullback, positive sentiment around Bitcoin and the broader market remains intact. According to traders at QCP Capital:
“Given BTC’s impressive post-US election rally, we think 100,000-120,000 is not too far away. We believe BTC’s underlying strength is a systematic market shift in anticipation of Trump’s return to office.”
– QCP Capital
Trump’s Pro-Bitcoin Stance a Key Narrative
QCP Capital highlighted that Trump’s idea to launch a strategic BTC reserve and rotate from gold to Bitcoin provides a strong narrative supporting BTC prices. This, combined with expectations of a more hands-off regulatory approach, has many bulls predicting a surge to new all-time highs.
Other notable market moves included:
- New top 20 meme token PEPE corrected 8% after a 75% Coinbase listing pump.
- Ethereum (ETH) and Solana (SOL) dipped 3.5%.
- Dogecoin (DOGE) and Shiba Inu (SHIB) shed 5%.
As the US elections and regulatory battles rage on, the crypto market is proving resilient. With XRP leading the charge and Bitcoin consolidating before its next big move, traders are watching closely to see which tokens will drive the next major altcoin surge.
