XRP News Today: Bitcoin Surges 4% to $108,546, Altcoins Gain 3%

Bitcoin's price surged to an all-time high of $109,000, rebounding from the previous day’s low of $104,200. This rally sparked broader gains across the cryptocurrency market, lifting the total market capitalization above $3.5 trillion for the first time since early February. Investor sentiment remained strong, with the Crypto Fear & Greed Index holding at 70, firmly in “Greed” territory. In the altcoin market, gains were mostly concentrated in low-cap tokens, while major cryptocurrencies posted more modest gains.

With Bitcoin dominance at 63.1%, hovering below the key $108,000 resistance, traders are closely watching for signs of a breakout. If Bitcoin clears this near-term resistance, it could trigger a powerful short squeeze, forcing bearish positions to unwind and fueling further upside momentum. Continued institutional inflows further reinforce this scenario. Over the past two days, spot Bitcoin ETFs in the U.S. recorded nearly $1 billion in fresh capital. The steady demand from institutional players is providing a solid foundation for Bitcoin’s price, even amid elevated leverage.

While the risk of a near-term correction persists, especially in such a leveraged environment, the current setup favors the bulls. A clean break above $108,000 could open the door to price discovery, with the $110,000–$112,000 zone emerging as the next key area to watch. According to renowned trader and investor Arthur Hayes, the $110,000 level marks a key psychological resistance, one that, if breached, could pave the way for an extended rally towards $150,000–$200,000 by the end of this cycle. On shorter time frames, analysts say a new all-time high may be imminent.

Popular trader AlphaBTC noted that Bitcoin has been trading within an ascending channel since its recovery began on April 9. In a May 21 post, he said the setup points to an imminent breakout, with the asset having reclaimed its previous all-time high. The next resistance lies just above, but AlphaBTC expects this to be cleared soon, citing the “grind and pop” pattern, where larger players use repeated shorting activity by bears to gradually push prices higher. If the breakout materializes, he expects Bitcoin to target $115,000 in the near term.

MN Capital founder Michael van de Poppe echoed a similar sentiment as he speculated a cycle high of $200,000, basing his thesis on growing distrust in fiat currencies. In a May 20 post, he said Bitcoin is heading to an all-time high “faster than expected,” as more people move away from the constant devaluation of the U.S. dollar. According to van de Poppe, this structural shift in capital preference could drive sustained demand, pushing BTC far beyond its current range and extending the rally well into six-figure territory.

Meanwhile, Mags, tracking Bitcoin’s historical halving performance, expects the current uptrend to culminate in a new cycle high near $215,000, potentially making it the most significant bull run to date. When writing, BTC was trading at $108,546, up nearly 4% on the day. Bitcoin’s weekly RSI stood at 54.41, suggesting there’s still ample room for upside before overbought conditions set in. All eyes are now on the $110,000 mark, seen as the next major resistance and a possible launchpad for the cycle’s most explosive move yet.

Over the past 24 hours, the altcoin market cap increased 3% to over $1.36 trillion, with the Altcoin Season Index showing a reading of 25, which means Bitcoin still dominates the market trend. Ethereum (ETH), the leading altcoin by market cap, rose 3% over the day to $2,550 while other large-cap tokens like XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) rose between 1-5%. Dogwifhat (WIF), PI (PI), and Fartcoin (FARTCOIN) stood with the highest gains among the top 100 altcoins, all roughly around 10%.