While Bitcoin slid to $88,000 from $93,000, XRP (XRP-USD) jumped 17% in the past 24 hours, trading above 82 cents. This marked its highest level since June 2023. The surge followed 18 U.S. states filing lawsuits against the SEC, accusing it of unconstitutional overreach. According to CoinDesk, traders believe a more crypto-friendly regulatory environment could benefit tokens like XRP tied to U.S.-based firms such as Ripple Labs.
Fed Commentary Fuels Broader Market Sell-Off
Fed Chair Jerome Powell’s latest comments dampened hopes for a December rate cut. Powell noted, “The economy is not sending any signals that we need to be in a hurry to lower rates,” leading to reduced odds of a 25 basis point cut. Ethereum, Solana (SOL-USD), and meme coins like Dogecoin (DOGE-USD) fell over 3%, reflecting widespread profit-taking after days of growth.
Bullish Sentiment Remains Strong for Bitcoin
Despite the dip, optimism for Bitcoin remains intact. QCP Capital traders stated, “$100,000–$120,000 may not be too far off,” citing market anticipation of Trump’s return and his proposed Bitcoin reserve strategy.
Meme Coin PEPE’s Wild Ride
PEPE corrected 8% after briefly hitting a $10 billion market cap following its Coinbase (COIN) listing. While the frog-themed token’s volatility stands out, the broader market’s focus remains on Bitcoin’s long-term potential.
At the time, Bitcoin is sitting at $89,384.47.
