XRP Hits All-Time High While Ethereum, Dogecoin Climb With US Set to Enact First Major Crypto Law

Altcoins gained on Bitcoin (BTC) in U.S. pre-market hours on Friday ahead of President Donald Trump signing the GENIUS Act, the first major crypto regulatory initiative in the U.S., into law this afternoon.

Ripple native token (XRP) jumped nearly 6% over the past day after hitting an all-time high of $3.65 on Thursday. At the time of writing, XRP’s price had pared some of its gains to trade at around $3.43 – still above its previous record high of $3.40.

On Stocktwits, retail sentiment around XRP was in the ‘extremely bullish’ zone, accompanied by ‘extremely high’ levels of chatter. 

Meanwhile, Ethereum’s price jumped 4.3% over the past day, not only crossing the $3,500 threshold but surging past $3,600, bringing its weekly gains to nearly 20%. On Stocktwits, retail sentiment around the second-largest cryptocurrency surged higher within ‘extremely bullish’ territory to hit the highest level it's seen this year. 

However, meme token Dogecoin (DOGE) led major cryptocurrencies with a gain of over 11% in the last 24 hours. Dogecoin’s price was just shy of $0.24 in U.S pre-market hours. 

Altcoin Solana (SOL) rose 1.5% while Cardano (ADA) jumped 4.5%. 

Crypto-linked stocks were on track to hit new records in pre-market trade on Friday. Coinbase (COIN), the largest U.S. crypto exchange, jumped 2.3% in pre-market trade on track to cross $420 for the first time, after pushing its market cap above $100 billion on Thursday. 

Robinhood (HOOD), a digital trading platform specializing in crypto and tokenized finance, rose nearly 3% and is on track to hit a new record high. 

Meanwhile, Strategy (MSTR) only edged 0.35% higher in pre-market trade.

On Thursday, the House of Representatives passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. After the President signs the bill into law, regulators can begin establishing regulations for the conduct of stablecoin issuers, a field currently dominated by Tether’s USDT and Circle’s USDC.

The House also passed the Digital Asset Market Clarity (CLARITY) Act, and it will now head to the Senate for a vote. It aims to establish a complete set of rules over broader crypto markets, not just stablecoins.

The third bill up for debate during ‘Crypto Week’ in Washington was the Anti-CBDC Surveillance Act, which also passed, but with more partisan support on the condition that it would be attached to the must-pass National Defense Authorization Act. 

Read also: Trump Confident GENIUS Act Will Pass House, Eyes Friday Signing

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