Bitcoin surged past $62,000, briefly reaching above $63,000, marking its highest level in two weeks. Meanwhile, XRP climbed almost 10% over seven days, trading near $1.13. This upswing followed softer-than-expected U.S. jobs data, which eased inflation fears and boosted appetite for risk assets in the crypto market.
The broader momentum for XRP and Bitcoin now heavily depends on forthcoming U.S. inflation figures and developments surrounding the CLARITY Act. The legislation, designed to clarify and tighten regulations in digital asset markets, has passed the House and cleared the Senate Banking Committee but still awaits a full Senate vote. With lawmakers facing a tight calendar before the August recess, the bill’s future remains uncertain, and delays could push meaningful progress into 2027.
Senator Cynthia Lummis, a prominent advocate involved in the bill, has allowed for a final review of a revised draft expected around early July. However, market watchers note that slower legislative movement or reduced trading volume could exert downward pressure on XRP prices, which recently showed resilience by holding above $1.10. Further upward momentum could push XRP toward $1.20 if positive policy signals and market demand persist.
Bitcoin’s near-term price action centers on maintaining support above $62,000 to sustain buying interest. Surpassing $63,500 could open the path for gains toward $65,000. Conversely, losing the $60,000 support level risks a sell-off that would dampen market confidence across major cryptocurrencies.
Alongside regulatory anticipation, spot exchange-traded funds (ETFs) for Bitcoin and XRP have seen notable inflows, signaling institutional appetite. Bitcoin spot ETFs recorded net daily inflows exceeding $220 million, contributing to cumulative inflows above $51 billion and assets under management near $74 billion. The Fidelity Bitcoin ETF led these inflows, followed by Ark 21Shares, despite some outflows from BlackRock’s IBIT ETF.
XRP spot ETFs also showed positive demand, with daily net inflows around $6.5 million and total assets approaching $988 million. Bitwise’s XRP fund was a key driver of these inflows. This ETF activity underscores growing institutional participation, which in turn supports underlying price trends amid regulatory uncertainty.