XRP News Today: Bitcoin Surges 10% to All-Time High of $118,667 Triggering $1 Billion in Liquidations

Bitcoin's price surged to an all-time high of $118,667 during late Asian trading hours on Friday, marking a more than 10% increase over the past week. This breakout triggered one of the most severe short squeezes in recent years, resulting in over $1 billion in liquidations within a 24-hour period. More than 232,000 traders were affected, with Bitcoin shorts accounting for over $570 million of the total liquidations. The squeeze was exacerbated by high leverage and aggressive positioning around key resistance levels, forcing many high-leverage short positions to close as Bitcoin surged through technical thresholds, further fueling upward momentum.

Rising institutional demand has also supported Bitcoin’s uptrend. Spot Bitcoin ETFs, launched earlier this year, continue to see steady inflows, with total net additions crossing $51 billion. On Thursday, the market recorded its second-largest daily inflow into US spot Bitcoin ETFs since launch, totaling $1.17 billion. Bitcoin’s breakout past $113,800 acted as a catalyst, driving inflows and sustaining bullish sentiment into Friday. Momentum has also been buoyed by growing optimism around the macroeconomic outlook. Traders are pricing in interest rate cuts by the Federal Reserve, with expectations that easing could begin as early as September. Fed officials have recently hinted at short-term rate cuts. Markets also anticipate accelerated cuts in 2026, should a more dovish Fed chair be nominated. Historically, Bitcoin has benefited from looser monetary policy and low interest rates, which drive risk-on sentiment across asset classes.

Crypto investors are closely watching political developments ahead of the “Crypto Week.” Lawmakers are scheduled to review three major bills in the coming week, including regulations on stablecoins, defining regulatory roles between the SEC and CFTC, and a proposed ban on Central Bank Digital Currencies (CBDCs). There’s also renewed speculation that China could ease its stance on digital assets, which could unlock significant retail demand from Chinese investors.

With Bitcoin now in price discovery, market participants are eyeing higher targets ranging from $120,000 to as high as $250,000 over the coming months. The breakout above $113,800 has opened the door to a potential extension of the rally, especially as technical and macroeconomic conditions continue to align. According to the analyst's forecast, a 60% probability that Bitcoin could climb more than 20% in the next two months. This would put BTC above $140,000 by September if the uptrend holds. Some analysts are even more optimistic, suggesting that Bitcoin’s current structure mirrors the early stages of its last major bull run, with a $250,000 target as “programmed” over the next six months. However, others are more cautious in the short term, anticipating a short-term cooldown and a retest of support around $113,000 before any further upside.

In the last 7 days, the altcoin market rose over 23% to reclaim the $1.52 trillion level, which it has not seen since early March. Utility-focused cryptocurrencies such as Ripple (XRP), Solana (SOL), Hedera (HBAR), and Chainlink (LINK) are expected to do well. As of press time, Ethereum (ETH) was up 18% over the weekly period while XRP (XRP), Solana (SOL), Cardano (ADA), Hyperliquid (HYPE), and SUI (SUI) clocked gains ranging between 20-30%. MemeCore (M) was the highest gainer among the top 100 altcoins this week, soaring over 1,200% and pushing its market cap from $8 million to $1.36 billion at the time of writing. Mog Coin (MOG) and Story (IP) also performed strongly with weekly increases of 82% and 45%, respectively. MemeCore’s late-week rally was supported by a series of exchange listings, including Binance Alpha, Kraken, Bitget, BingX, HTX, and HashKey. MOG’s price surged after it broke out of a symmetrical triangle pattern, a chart setup in technical analysis that often signals a sharp move once the price escapes the narrowing range. The rally also benefited from the broader market recovery fueled by Bitcoin’s new all-time highs, which reignited interest in the meme coin sector. Story: IP rallied after Story Protocol announced a partnership with World. The integration of World ID into Story’s protocol enables verified human authorship for on-chain intellectual property, addressing growing concerns around AI-generated content. By allowing creators to prove ownership and embed licensing terms directly into the blockchain, the partnership adds both technical utility and reputational credibility to Story’s ecosystem.