Why XRP Is Surging Today

Key Points

• XRP's valuation is soaring today amid a big bullish uptick for the cryptocurrency market.

• Bitcoin has set a new record high today, crossing the $118,000-per-token threshold for the first time.

• Bitcoin's rally is lifting the broader crypto market, and discussions for cryptocurrency legislation next week could be the next market catalyst.

• 10 stocks we like better than XRP ›

XRP's (CRYPTO: XRP) token price is rising in Friday's trading. The cryptocurrency was up 13.1% over the previous 24 hours of trading as of 4:45 p.m. ET. Meanwhile, Bitcoin was up 4.1% over the same stretch, and Ethereum had risen 6.6%.

While there isn't any token-specific news pushing XRP higher today, the cryptocurrency's valuation is getting a boost from bullish sentiment across the broader crypto market. With today's gains, Bitcoin has hit a new valuation high -- and the positive momentum is extending to other tokens.

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XRP is rising as investors ramp up bullish bets on crypto

Bitcoin hit a new record price today and crossed above $18,000 for the first time. Investors are seeing the possibility that the Federal Reserve is accelerating its rate-cutting strategy as a major positive indicator and piling into crypto investments in hopes that a sustained bull run could be ramping up. XRP and other cryptocurrencies have also seen bullish catalysts in conjunction with new moves to form exchange-traded funds (ETFs) that hold the tokens as assets.

What's next for XRP?

XRP will continue to see pricing movements in conjunction with valuation trends for the broader crypto market. Along those lines, macroeconomic and political developments are poised to be key catalysts, and investors will be getting some big news on those fronts next week.

The U.S. House of Representatives will start hammering out three new bills concerning the cryptocurrency industry on July 14 -- the kickoff to a series of regulatory discussions that's been described as "Crypto Week" in Washington. Lawmakers will debate and discuss the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act, and potentially establish a series of sweeping new regulatory standards for the crypto industry. XRP and other tokens could wind up seeing significant valuation moves depending on how next week's legislative discussions pan out.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and XRP. The Motley Fool has a disclosure policy.