XRP (XRP-USD) Jumps 17% to Hit Highest Level Since June 2023 as Bitcoin Slid

Bitcoin slid further on Monday morning after posting record highs last week, while XRP surged 17% following lawsuits against the SEC.

Bitcoin dropped to $88,000 from $93,000, while XRP (XRP-USD) jumped to 82 cents. This was its highest level since June 2023.

The surge came after 18 U.S. states filed lawsuits against the SEC last week, accusing the regulator of unconstitutional overreach.

Traders said that a more crypto-friendly regulatory environment could benefit tokens like XRP that are closely tied to U.S.-based firms such as Ripple Labs, the creator of XRP.

However, Bitcoin slid further on Monday morning after posting record highs last week.

Fed Chair Jerome Powell’s latest comments on Monday morning also signaled that the central bank may not be cutting interest rates anytime soon.

Powell noted that “the economy is not sending any signals that we need to be in a hurry to lower rates,” indicating that the Fed may continue raising rates for an extended period.

The comments reduced traders’ expectations of a 25 basis point rate cut in December, leading to broad-based profit-taking in the crypto market.

Ethereum, Solana (SOL-USD), and meme coins like Dogecoin (DOGE-USD) fell over 3%, tracking the losses in major cryptocurrencies.

Despite the dip, bullish sentiment for Bitcoin remained strong. QCP Capital traders stated, “$100,000-$120,000 may not be too far off,” highlighting market optimism over former President Trump’s return and his proposed Bitcoin reserve strategy.

Meme Coin PEPE’s Wild Ride Continues

PEPE, the meme coin that went viral with its Coinbase (COIN) listing, experienced a slight correction on Monday.

After hitting a market cap of $10 billion last week, PEPE slid 8%, losing some steam but still outperforming most cryptocurrencies.

While PEPE’s volatility stands out, the broader market’s focus remained on Bitcoin’s long-term potential and the upcoming regulatory developments.

At the last check, Bitcoin was trading at $89,384.47.