XRP News Today: Cryptocurrency Market Surges 3.03% Bitcoin Hits $112,150

The cryptocurrency market has shown significant gains, with Bitcoin, Ethereum, and XRP leading the surge. Bitcoin briefly surpassed $112,150, crossing its previous all-time high, although it has since pulled back slightly to around $111,400. This movement indicates strong bullish momentum in the market, despite concerns about potential market crashes and negative news. Analysts have been anticipating this breakout for months, and the next major target for Bitcoin could be around $120,000.

The total cryptocurrency market capitalization has increased to $3.47 trillion, marking a 3.03% rise over the past 24 hours. Ethereum has also seen gains, trading at $2,786, with a 7% increase in a day. Other cryptocurrencies like XRP, Solana, and Cardano are also showing upward momentum, with XRP up 5%, Solana rising 4%, and Cardano climbing 6.25% in the same period.

Bitcoin's price is currently near a key resistance zone, awaiting a breakout above the $111,000–$112,000 level. If the price manages to break and hold above this range, it could trigger a new bullish price target around $111,500, with short-term resistance sitting slightly higher at $112,000. However, if Bitcoin fails to break out, it faces support around $107,500, with a deeper support zone near $105,500. Price action remains mostly sideways on shorter timeframes, forming a symmetrical triangle pattern. Large amounts of liquidity are building just above and below Bitcoin’s current price, raising the possibility of sudden price moves or fake-outs in the short term.

Despite recent volatility, the market's upward trend is supported by several factors, including the broader market rebound and news that a prominent social media platform had filed for a “blue chip” crypto ETF that holds multiple top crypto assets, including BTC, ETH, SOL, and XRP. This news has fueled the upward momentum of these cryptocurrencies. Additionally, the consistent buying of Ethereum, which has used the 50-Day moving average as support for continuous buying, sets the stage for a potential bull run, with real buying confirmed by increased price volume.

Looking ahead, investors will be closely watching the upcoming Federal Open Market Committee (FOMC) meeting minutes. Should the Fed maintain a dovish tone, it could provide near-term support for Bitcoin and potentially lay the groundwork for a fresh breakout once macro headwinds begin to ease. The market's resilience reflects that mid- to long-term expectations for BTC remain intact, especially as current macro risks are seen as uncertain rather than definitively bearish.