XRP News Today: XRP Soars 15% as Lawmakers Back Pro-Crypto Legislation; BTC at $119k

XRP Hits Record High as Capitol Hill Backs Crypto Reform

Capitol Hill turned into a crypto wonderland on Thursday, July 17, with bipartisan votes for crypto bills triggering an XRP buying frenzy. US lawmakers passed the GENIUS Act, stablecoin legislation, and the CLARITY Act, otherwise known as the market structure bill. The Anti-CBDC Surveillance State Act also got voted through.

Events on Thursday underscored the seismic shift in attitudes toward digital assets on Capitol Hill, instigated by industry leaders raising awareness and funding Super PACs. Eleanor Terrett, Crypto America host and journalist, shared the vote counts:

• CLARITY Act: 294-134, with 78 Democrats voting in favor.
• GENIUS Act: 301-122, with 102 Democrats voting in favor.
• Anti-CBDC Surveillance State Act: 219-210, with 2 Democrats voting in favor.

Patrick McHenry remarked on the CLARITY Act vote, stating:

“Massive, bipartisan vote for the CLARITY Act. We have real momentum behind the effort to build a regulatory framework for digital assets in the US.”

Ripple and XRP will likely benefit greatly from the introduction of regulatory frameworks for the digital asset space. The CLARITY Act will give the CFTC greater oversight of cryptos, providing the SEC further reason to drop its appeal in the Ripple case. It would be a stark contradiction if lawmakers advanced crypto-friendly legislation while the SEC pursued its appeal.

Notably, XRP soared to a new all-time high of $3.6004 in early trading on July 18 despite the SEC’s silence on its appeal plans. An SEC closed meeting on Thursday, July 17, had fueled speculation that the agency could vote to withdraw the appeal against the Programmatic Sales of XRP ruling.

XRP Price Outlook: SEC Appeal and ETF Headlines

XRP soared 14.69% on Thursday, July 17, following Wednesday’s 4.11% gain and closing at $3.4864. The token outperformed the broader crypto market, which rose 1.78%, taking the total market cap to $3.81 trillion.

XRP’s near-term price trajectory hinges on the SEC’s appeal vote and US XRP-spot ETF developments.

A breakout above the July 18 all-time high of $3.6004 could enable the bulls to target $4. A sustained move through $4 may bring $5 into play. Conversely, a drop below $3.5 could expose this week’s low of $2.8056.

Explore our full XRP forecast here for key breakout zones and timing insights.

Bitcoin Revisits $120,000 as US Economic Recession Fears Subside

While XRP struck a record high, bitcoin (BTC) extended its gains as investors reacted to upbeat US labor market data. Retail sales increased 0.6% month-on-month in June after sliding 0.9% in May. Initial jobless claims dropped to 221k (week ending July 12), down from 228k (week ending July 5).

Given that private consumption accounts for over 60% of US GDP, the upswing in retail sales signaled a positive end to Q2. A stable labor market could bolster wage growth, potentially further supporting household spending. BTC climbed from a low of $117,389 to a high of $120,812, reflecting sentiment toward the US economy.

Meanwhile, the passing of three crypto bills on Capitol Hill contributed to the session trends.

US BTC-Spot ETF Market Eyes Nine-Day Inflow Streak

On Wednesday, July 16, the US BTC-spot ETF market extended its inflow streak to ten sessions, with total net inflows of $799.4 million. BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) continued to lead the spot ETF market, with net inflows of $763.9 million. Meanwhile, flow data for July 17 points to an eleven-day winning streak, tilting the supply-demand balance firmly in BTC’s favor. According to Farside Investors, key flow trends for July 17 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $10.4 million.
• Grayscale Bitcoin Mini Trust (BTC) saw net inflows of $5.3 million.
• VanEck Bitcoin ETF (HODL) reported net inflows of $5.1 million.

With BlackRock’s iShares Bitcoin Trust and Invesco Galaxy Bitcoin ETF (BTCO) flow data pending, total US BTC-spot ETF inflows reached $15.7 million.

Robust US economic data and legislative developments on Capitol Hill drove demand for spot ETFs, crucial for BTC’s price outlook.

ETF Store President Nate Geraci remarked:

“Last 24hrs… Record spot ETH ETF inflows. House passes landmark stablecoin & digital asset market structure bills. President preparing executive order to allow crypto in retirement plans. XRP hits new highs. ‘Crypto Week’ is right.”

BTC Price Outlook: US Consumer Confidence and Spot ETF Flows in Focus

BTC rose 0.39% on July 17, following Wednesday’s 0.82% gain and closing at $119,102.

The near-term price outlook hinges on several key factors. These include crypto headlines from Capitol Hill, US consumer confidence data, and spot ETF flow trends.

Potential scenarios:

• Bearish Scenario: Legislation delays, weaker consumer confidence, hawkish Fed rhetoric, and ETF outflows. A combination of these may pull BTC toward $115,000, potentially bringing the 50-day Exponential Moving Average (EMA) into play.
• Bullish Scenario: Progress on crypto bills, strong US consumer confidence, dovish Fed cues, and ETF inflows. Under these scenarios, BTC could retest the all-time high of $122,057.

What to Watch

Investors should closely monitor the key drivers, which may dictate whether XRP and BTC can hit new record highs. These include:

• Ripple case updates: SEC appeal plans.
• Legislative developments: Crypto bills’ progress on Capitol Hill.
• US consumer confidence and Fed guidance: Hawkish or dovish signals.
• ETF market flows: Flow trends crucial for BTC’s supply-demand balance.

See where analysts expect XRP and BTC to head as legal and political risks evolve.