XRP News Today: Crypto Markets Gain 1% as US House Passes $3.4 Trillion Fiscal Package

Crypto markets experienced minor fluctuations over the weekend, starting the new week with slight gains as the second half of the year begins. The US House recently passed a $3.4 trillion fiscal package, which is favorable to US corporations. Economic indicators from last week suggest a strengthening job market and potential optimism for consumer spending. However, markets may face volatility due to several upcoming events, including energy outlooks, US bond auctions, Federal Reserve minutes, and tariff deadlines.

This week, several key economic events could impact the crypto markets. On Monday, the May Consumer Credit Change report will be released, providing insights into consumer borrowing and spending trends. Tuesday will see the June Business Optimism Index and the Energy Information Administration's short-term energy outlook, which could influence market sentiment. Wednesday will feature the minutes from the last central bank meeting, analyzed for hints on future interest-rate cuts. The market currently sees a low probability of a July rate cut, with no move expected until October. The key event is the July 9 deadline for the 90-day pause in US reciprocal tariffs. If the US imposes high tariffs without a trade deal, it could lead to market volatility. However, if the tariffs are postponed again, it might support risk appetite. Additionally, the US Treasury will sell significant amounts of bonds this week, which could also impact market dynamics.

In the crypto market, the total capitalization has slightly increased, reaching $3.44 trillion. Bitcoin has gained marginally, revisiting the $109,500 level and eyeing a return above $110,000. A favorable outcome from the Trump administration on global tariffs could see a new all-time high for Bitcoin. Ethereum prices returned to tap $2,600 but faced resistance despite bullish developments. The energy outlook remains a critical factor, with potential volatility stemming from fluctuations in energy prices and supply, which could directly influence the profitability of mining activities. The U.S. bond auctions and the release of Federal Reserve minutes are expected to draw considerable attention, providing insights into the Federal Reserve's monetary policy and the overall health of the U.S. economy. Investors will closely monitor these events for any signals that could influence interest rates and inflation expectations, which in turn could affect the demand for riskier assets like cryptocurrencies. The upcoming tariff deadlines could introduce further uncertainty into the markets, potentially leading to a shift away from cryptocurrencies as investors seek safer havens. The recent hints from U.S. Treasury Secretary about upcoming trade deals have sparked optimism in the crypto markets, with major cryptocurrencies seeing gains in response to these developments. The potential impact of a Ripple banking license on the XRP price has also been a topic of discussion, with predictions that such a license could significantly boost the value of XRP based on the potential for increased adoption and integration in the banking sector.