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Why Are Bitcoin, Ethereum, and XRP Prices Up Today?

Munene Timothy by Munene Timothy
May 9, 2025
in Market, News
Reading Time: 3 mins read
Why Are Bitcoin, Ethereum, and XRP Prices Up Today
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  • Bitcoin reclaimed $103K amid rate cut hopes and trade deal speculation, marking levels last seen in early February.
  • Ethereum surged by 7% past $2,200 after the Pectra upgrade and a breakout from its 3 week consolidation range.
  • XRP surged by 6.25% to $2.31 on potential SEC settlement news and new payment deals with Hidden Road and Wellgistics Health.

Bitcoin, Ethereum, and XRP extended their gains on Friday as a broad crypto rally was through major tokens and altcoins. Bitcoin reclaimed $103,000 after a sharp recovery, last seen in early February, fueled by renewed optimism across global financial markets. 

Ethereum increased nearly 7% during the Asia session, surging past $2,200, while XRP climbed over 6%, with bulls eyeing the $2.50 resistance. The moves came despite the Federal Reserve leaving rates unchanged on May 7. 

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However, expectations of upcoming rate cuts and fresh trade news between the U.S. and U.K. helped lift investor sentiment. Futures markets now show a 70% probability of rate easing by July, according to CME’s FedWatch tool.

Rate Expectations and Trade Optimism 

Traders welcomed signs of policy support despite Fed Chair Jerome Powell offering no timeline for rate cuts during Wednesday’s press conference. President Donald Trump increased pressure on the central bank, labeling Powell a “fool” and suggesting rate cuts would boost economic momentum. 

Shortly after, markets reacted to speculation around a U.S.-U.K. trade agreement teased by Trump, which pushed risk assets higher. According to QCP Broadcast, the mere hint of a trade breakthrough triggered a strong risk on wave, benefiting both crypto and equities.

While details of the agreement remain unclear, investors viewed it as an important macro development. The announcement came alongside talk of new U.S.-China negotiations, possibly reducing tariffs further. 

Ethereum’s Technical Breakout Adds to Bullish Action

Ethereum stands out among major altcoins with a strong breakout from its recent consolidation range. The token surged past $2,200 after trading between $1,700 and $1,900 for three weeks. 

Its rise followed the deployment of the Pectra upgrade, which improved wallet usability and increased staking limits. This technical update strengthened investor confidence and contributed to the day’s price acceleration.

CryptoRank confirmed a broader upswing across Ethereum market tokens like UNI, EIGEN, and ZK, alongside meme coins such as PEPE and BRETT. Market data showed total capitalization at $3.37 trillion, with liquidations hitting $867.1 million in 24 hours. The Fear and Greed Index climbed to 73, showing elevated bullish sentiment.

📈Market Overview

Market is swept up in euphoria: $BTC has risen above $102K, and $ETH is back at the $2K mark.

Tokens from @ethereum ecosystem such as $EIGEN, $UNI and $ZK have surged sharply, along with meme coins like $PEPE, $NEIRO and $BRETT.

Market Cap: $3.37T
24h… pic.twitter.com/5KHeAW40F2

— CryptoRank.io (@CryptoRank_io) May 9, 2025

Ripple Legal Progress and Deals Fuel Momentum

XRP followed, rising by 6.25% to trade around $2.31 after news of a potential SEC-Ripple settlement surfaced. Investors responded positively as hopes grew that the long standing legal dispute might soon end. This added momentum to the token’s recent price surge.

Further gains came after Ripple secured deals with Hidden Road and Wellgistics Health, both adopting XRP for payment processing. These announcements helped boost market confidence. 

Tags: Bitcoin (BTC) NewsCardano (ADA) NewsRipple (XRP) News

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