XRP News Today: Bitcoin Surges 1.7% to $106,500 on $255 Million Long Position

On June 20, Bitcoin (BTC) experienced a notable surge, reaching a high of $106,500, marking a 1.7% increase. This surge was triggered by a mystery trader who opened a massive $255 million long position with 20X leverage. However, the cryptocurrency market remained relatively stable, with Ethereum (ETH) and XRP showing minimal movement. Bitcoin's price hovered around $104,000, while ETH and XRP also experienced slight declines.

Bitcoin's price action has been compressed into a tight range, fluctuating between $103,600 and $105,500 since June 17. The Relative Strength Index (RSI) hovers near 47, indicating a lack of directional conviction. The Moving Average Convergence Divergence (MACD) confirmed bearish momentum last week via crossover and expanding red histogram bars. Despite these technical indicators, Bitcoin has shown resilience, holding above the 50-day Exponential Moving Average (EMA) at $103,100.

Ethereum (ETH) Price has declined below $2500 today following a 0.13% decline over the last 24 hours. It went from an intraday high of $2,565 and slowly dropped to $2,493. The sentiment from Bitcoin seems to be taking hold on Ethereum as both cryptocurrencies have been declining over the past 7 days. Moreover, ETH has been consolidating sideways between $2,800 and $2,331 over the past month. A breakout might happen soon. Additionally, whale activity has been increasing due to an increase in interest from investors.

XRP price mirrors a similar price action to Ethereum. It’s also ranging sideways on the higher timeframe between $2.332 and $2.069 over the same period. Currently, the cryptocurrency is trading for $2.13, down a modest 0.52% from a daily high of $2.16. While the rest of the major cryptocurrencies are experiencing steady activity in trading, XRP trading volume over the past 24 hours has dropped by 7.31% to $2.01 billion.

The cryptocurrency market has been influenced by various factors, including geopolitical tensions and regulatory developments. The U.S. Federal Reserve's decision to hold interest rates steady at 4.25%–4.50% has had a dampening effect on bullish momentum. The Fed's hawkish stance, coupled with concerns over inflation and labor market data, has strengthened the U.S. Dollar Index (DXY), creating downside friction for Bitcoin. Additionally, geopolitical tensions in the Middle East have added to the market's volatility, with reports of a potential U.S. strike on Iran and an $81 million hack of Iran-based Nobitex.

Despite these challenges, Bitcoin has continued to attract robust institutional inflows. U.S. spot Bitcoin ETFs added $389.57 million on Wednesday, marking the eighth consecutive day of net inflows. This sustained demand points to growing buy-the-dip behavior from funds and Registered Investment Advisors (RIAs), even amid Fed hawkishness and geopolitical uncertainty. These ETF flows have historically acted as a volatility cushion, absorbing excess supply during corrections. If the trend continues, it could help insulate Bitcoin from more severe drawdowns.

The broader environment remains unfavorable for sustained risk-on moves. Wall Street liquidity is thinning during the Juneteenth holiday, and Powell’s rate stance—paired with no concrete stimulus—means that Bitcoin remains boxed in. Combined with rising volatility risk from a U.S.–Iran escalation, the backdrop continues to limit appetite for leveraged long positions. Nonetheless, prominent voices like Robert Kiyosaki remain vocal, reiterating a $1 million BTC target by 2030. He argues that ownership quantity matters more than entry price, especially as fiat credibility erodes under inflationary policies. This longer-term bullish narrative is finding renewed traction among HODLers, even as traders stay cautious.