Bitcoin Nears $86K as Trump Calls for Rate Cuts, XRP Gains US Futures After SEC Ruling
XRP surged 12% before paring its gains as closely linked Ripple Labs ended its long-running battle with the US Securities and Exchange Commission (SEC), declaring on Wednesday that the case was “over.”
Shaurya Malwa | Edited by Parikshit Mishra on 20 Mar 2025 8:12 UTC
Key points:
- Bitcoin approaches $86,000 while XRP surges 10% as crypto market shows signs of recovery.
- XRP's rise comes as Ripple Labs' lawsuit with the US Securities and Exchange Commission ends, and Bitnomial announces it will launch futures tied to the token.
- Even as the Federal Reserve keeps interest rates steady and cuts growth forecasts, President Trump has called for rate cuts, adding to uncertainty about the market's future.
Bitcoin (BTC) hit $86,000 and XRP surged 10% to lead gains among major currencies as crypto markets posted broader gains over the past 24 hours.
BTC rose in early Asian trading on Thursday following the Federal Open Market Committee (FOMC) meeting on Wednesday, where the Fed left rates unchanged but cut growth forecasts through 2027.
Ether (ETH) held steady after a sharp 7% gain on Wednesday night, ending the day up 3%. Solana's SOL, dogecoin (DOGE), and BNB Chain all saw gains of less than 6%, while Uniswap's UNI rose 8% as token holders approved a $165 million fund proposal.
XRP surged 12% before paring its gains as Ripple Labs ended its long-running battle with the U.S. Securities and Exchange Commission (SEC), declaring on Wednesday that the case was “completed.”
The asset received an additional boost in the US when Bitnomial announced the launch of token-linked futures for local investors starting Thursday.
🚀 XRP Futures Are Here! 🚀
Bitnomial launches first ever CFTC regulated $XRP futures in the US – physically settled for real market impact. Additionally, we voluntarily dismissed our case against the SEC as regulatory clarity improves. pic.twitter.com/ARkSanjFNU
— Bitnomial (@Bitnomial) March 19, 2025
Meanwhile, President Donald Trump said the Fed should cut interest rates as retaliatory U.S. tariffs take effect April 1. His national economic adviser Kevin Hassett separately said he expected growth to be 2.5%, versus the Fed's 1.7%.
“The Fed would be MUCH BETTER to CUT RATES as US tariffs are starting to impact (easing!) the economy,” Trump wrote in a post on Truth Social. “Do the right thing. April 2nd is Liberation Day in America!!!”
Thus, traders remain wary of continued growth and note that the current market dynamics may be a temporary rebound.
“The rally is likely a temporary rebound
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