XRP's (XRP 0.73%) token price has continued to see a wave of strong bullish momentum. The company's share price had risen 22.8% over the past seven days of trading, as of 2:35 p.m. ET on Sunday. Meanwhile, Bitcoin was down 0.7% over the same stretch, and Ethereum had risen 25%.
XRP's token price and market capitalization hit new record highs over the last week thanks to the "Crypto Week" initiative in the U.S. House of Representatives and the passage and signing of the first major regulations bill for the crypto industry. The token now has a market cap of roughly $207.5 billion and ranks as the world's third largest cryptocurrency by valuation.
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XRP roars to new record as legislative push signals new bullish catalysts
Following discussions on several pieces of cryptocurrency legislation, the House passed the first-ever bill establishing wide-scale regulations and guidelines for the cryptocurrency industry. The GENIUS Act has set a new regulatory framework for stablecoins. It passed the House on Thursday, and President Trump signed the bill the next day.
At the signing, Trump suggested that stablecoins could be "the greatest revolution in financial technology since the birth of the internet" and issued positive comments on the broader cryptocurrency industry. Strong support for the crypto space from the Trump administration helped power big gains for XRP and other tokens over the past week.
What's next for XRP?
With indications that political and macroeconomic conditions could be aligning to support a strong bullish backdrop for the broader cryptocurrency industry, investors are showing increased willingness to support tokens other than Bitcoin. After hitting a new record high, Bitcoin's token price actually lost ground this week as investors moved money out of the cryptocurrency and shifted it to tokens that could be capable of delivering more explosive returns. If macroeconomic and political conditions continue to suggest that the crypto bull market is poised to keep running, XRP could continue to significantly outperform Bitcoin.
