Bitcoin (BTC) edged closer to $86,000 as XRP surged 10%, leading the way among major cryptocurrencies during a broader market recovery observed over the last 24 hours.
BTC experienced a rise during the early hours in Asia on Thursday, following Wednesday’s Federal Open Market Committee (FOMC) meeting, where the Federal Reserve maintained its interest rates but lowered its growth projections through to 2027.
Ether (ETH) remained relatively stable after a sudden spike of 7% late on Wednesday, wrapping up the day with a 3% increase. Solana’s SOL, dogecoin (DOGE), and BNB from BNB Chain recorded gains under 6%, whereas Uniswap’s UNI soared 8% following token holders approving a $165 million funding proposal for its foundation.
XRP initially climbed as much as 12% before reducing some of its gains after Ripple Labs resolved a lengthy dispute with the U.S. Securities and Exchange Commission (SEC), announcing on Wednesday that the case had been “concluded.”
The asset received an additional boost in the U.S. as Bitnomial declared plans to introduce futures based on the token for local investors starting Thursday, marking a first for the area.
🚀 XRP futures are here! 🚀
Bitnomial is launching the first-ever CFTC-regulated $XRP futures in the U.S. — physically settled for real market impact. Plus, we’ve voluntarily dismissed our case against the SEC as regulatory clarity improves. pic.twitter.com/ARkSanjFNU
— Bitnomial (@Bitnomial) March 19, 2025
Meanwhile, former President Donald Trump stated that the Fed should lower interest rates as U.S. reciprocal tariffs are scheduled to take effect on April 1. His national economic adviser, Kevin Hassett, separately predicted a growth rate of 2.5%, contrasting with the Fed’s expectation of 1.7%.
“The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to ease into the economy,” Trump noted in a post on Truth Social. “Do the right thing. April 2nd is Liberation Day in America!!!”
As a result, traders continue to exercise caution regarding a potential ongoing rally, with some suggesting that current market movements may simply be a relief rebound.
“The rally is likely a result of a relief bounce as markets stabilize following five weeks of consecutive sell-offs in equities, with traders awaiting more solid data releases to make a clearer judgment on the prevailing economic direction,” Augustine Fan, head of insights at SignalPlus, remarked in a Telegram message.
Jeff Mei, COO at BTSE, expressed similar sentiments in an email, stating: “Overall market sentiment has been weak these past few weeks, and even a relatively neutral address from Powell, without any negative remarks, led to a rally in crypto prices.”
“Additionally, there haven’t been new tariff announcements that could shock the market. However, things could change swiftly, and we’re advising all our clients to remain vigilant and observant over the coming weeks and months as we navigate through periods of volatility,” Mei concluded.