XRP (XRP 13.64%) is making big gains again in Thursday's trading. The cryptocurrency was up 8.8% over the previous 24 hours of trading as of 2:30 p.m. ET. Meanwhile, Bitcoin was up 0.4% over the past day of trading, and Ethereum was up 2.7%.
XRP's token price has continued to roar higher in conjunction with the U.S. House of Representatives' "Crypto Week" initiative and bullish momentum for the broader crypto market. The cryptocurrency is now up 46% over the last three months.
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XRP rises as crypto market sees strong bullish momentum
Members of the U.S. House of Representatives are debating new cryptocurrency legislation this week, and the focus on the crypto industry has helped push valuations across the space higher. The House voted to advance three new bills that would establish new regulations and guidelines for the crypto industry, and investors are hoping that clearly defined regulatory frameworks could remove some of the barriers to wider adoption for cryptocurrencies.
XRP is also getting a boost from Bitcoin's rally. The market-leading cryptocurrency has hit new valuation records this week, and some investors are betting that political and macroeconomic conditions are falling into place to support a bigger rally for the token and the broader crypto market.
What's next for XRP?
XRP's token price is nearing a record high, and its market capitalization could soon climb above the $200 million mark for the first time in the token's history. While some recent economic data has raised concerns about whether the Federal Reserve will announce a cut for interest rates at its meeting at the end of this month, investors are still broadly betting that the central bank's Federal Open Market Committee (FOMC) will issue multiple cuts to the benchmark rate this year. The potential for interest rates to move significantly lower has been central to bullish momentum for cryptocurrencies and other speculative investments recently.
