Cryptocurrencies, including XRP, are rising today, July 10, 2025, due to several key factors reflected in market sentiment and recent events:
Record high for Bitcoin: Posts on X indicate that Bitcoin reached a new all-time high, surpassing $112,500 and hitting as high as $115,000. This bullish momentum, driven by a 38% increase in 24-hour trading volume, is pulling up other cryptocurrencies like XRP, which tends to correlate with Bitcoin's movements.
Optimism for pro-crypto policies: The market is reacting positively to statements attributed to U.S. President Donald Trump, who celebrated the rise of cryptocurrencies and highlighted his pro-crypto stance. His tariff policy and a more favorable regulatory environment are perceived to be driving interest in risk assets like cryptocurrencies.
Institutional and speculative interest: The increase in trading volume and participation from institutional investors, along with the record stock market performance of companies like Nvidia (which surpassed $4 trillion in market capitalization), are fueling a positive risk sentiment. This benefits both major cryptocurrencies and smaller-cap coins, including meme coins.
Technical and market factors: The total crypto market capitalization has shown bullish patterns, such as a "bull flag" on technical charts, suggesting potential for further gains. Additionally, the liquidation of short positions (short squeeze) has amplified bullish movements, with over $471 million in short position liquidations in the last 24 hours.
Speculation about ETFs and adoption: The likelihood of ETF approvals for XRP and other cryptocurrencies, along with increasing institutional adoption (such as Ripple's partnerships with banks), remains a catalyst. Speculation about a clearer regulatory environment in the U.S. also boosts confidence.
