XRP News Today: SEI Surges 15% on Wyoming Stablecoin News Amid Crypto Volatility

Bitcoin (BTC) has been testing levels above $106,000, while Ethereum (ETH) and XRP have maintained their positions above key levels. SEI, in particular, has outperformed its peers due to a significant news announcement that injected bullish momentum into the market. However, the overall market sentiment remains largely negative due to the ongoing Middle East conflict, which has caused some volatility in the crypto market, mirroring the seesaw on Wall Street.

The global crypto market capitalization has been hovering around $3.24 trillion, with a slight increase of 0.18% at the time of writing. The global daily trading volume has decreased by 7.6% to approximately $89.4 billion, and the crypto fear & greed index remains neutral amid a cautious market sentiment. The total liquidations have reached $197 million, up 57% in 24 hours, as geopolitical uncertainties and leveraged positions unwind, triggering traders to take action.

Earlier in the day, analysts had shared their outlook for the market, noting that markets are in limbo as participants digest geopolitical headlines and recalibrate risk amid rising tensions. Volatility may just be taking a breather, not gone. Bitcoin surged to $106,539 early Friday, but later pared gains to trade near $104,440. The rally had aligned with a broader equity market uptick, as the S&P 500 and Nasdaq advanced following Trump’s de-escalation move. However, bearish pressure remained as the Fed could cut rates as soon as July, according to the analyst's forecast.

Ethereum climbed to $2,569, rebounding from a 24-hour low of $2,486. While bears could target fresh lows, bulls are holding strong. Recent ETF inflows, with BlackRock’s ETHA adding $600 million recently, and historic staking highs of 35 million ETH, underscore institutional interest and reduced liquid supply. XRP rose to $2.17 before paring gains. Bulls nonetheless look strong above $2 despite a failed breakout above $2.30. Positive sentiment from a Canadian spot XRP ETF approval and Ripple’s growing role in cross-border payments bolster this resilience.

SEI price surged over 15% in early trading on Friday, leading the top 100 cryptocurrencies by market cap. The rally, fueled by the Sei Network’s announcement of a Wyoming-backed stablecoin initiative, saw SEI reach highs above $0.21. Other notable performers included Story and GateToken. While cryptocurrencies looked to bounce higher, a few within the top 100 plummeted. SPX6900 fell nearly 12%, Fartcoin dropped 9%, and Aerodrome Finance declined 6%. Profit-taking appears to be the primary catalyst, as SPX and AERO were among the top gainers earlier in the week.