XRP surged 17% in 24 hours, outpacing Bitcoin (BTC) and major tokens, as shifting U.S. regulations fueled growth in tokens previously hindered by the SEC. XRP reached over 82 cents in early Friday trading, marking a 50% gain over the past week and reaching levels last seen in June 2023. The surge followed 18 U.S. states filing a lawsuit against the SEC, accusing them of unconstitutional overreach in the crypto industry.
Speculation grew that a crypto-friendly Trump administration could benefit U.S.-based tokens like Ripple Labs (XRP) and Uniswap (UNI), which focus on enhancing token value. Meanwhile, BTC and other major tokens slid up to 4% after profit-taking late Thursday, reacting to hawkish comments from Federal Reserve chair Jerome Powell, dampening hopes of quicker rate cuts.
Bitcoin dropped from $93,000 to $88,000, causing over $120 million in liquidations on both bullish and bearish positions. Ethereum (ETH) and Solana (SOL) fell 3.5%, while Dogecoin (DOGE) and Shiba Inu (SHIB) dropped 5%. The CoinDesk 20 index showed little change overall.
New top-20 token, Pepe (PEPE), corrected 8% after a 75% surge following a Coinbase listing, briefly reaching a $10 billion market cap. Despite the short-term pullback, sentiment for Bitcoin remains strong, with some traders predicting BTC could reach $100,000–$120,000 in the near future due to underlying strength and expectations surrounding Trump’s potential return to office and his proposed BTC reserve strategy.
