The cryptocurrency market is wrapping up a busy week marked by major economic reports, including inflation and employment data. With all key indicators made public, the focus shifted to leadership changes: on Friday, Powell will hand over the reins to Warsh, and Miran has already submitted his resignation. Meanwhile, BTC is trading steadily at $82,000 amid ongoing headlines. Investors are now turning their attention to forecasts for HYPE, XRP, and the rest of the crypto market.
Regulatory clarity and Senate approval
Today’s most significant development was the Senate Banking Committee’s approval of the Digital Asset CLARITY Act, a law aiming to bring clear regulations to cryptocurrencies. The act passed with a 15-to-9 vote, reflecting bipartisan support. Additionally, the U.S. Senate confirmed Kevin Warsh as the new Federal Reserve Chair in a 54-to-45 vote, marking another headline-making shift in regulatory and monetary policy.
Coinbase announced that it will serve as the official USDC treasury distributor for Hyperliquid and has acquired USDH-branded assets from Native Markets. This news served as a catalyst for HYPE Coin, which charted a performance reminiscent of bullish peaks from previous cycles.
Despite positive news, high inflation remains a central concern among investors. For now, however, the market has rallied on upbeat announcements, with BTC moving in tandem with AI-driven enthusiasm seen in equities.
XRP and HYPE Coin outlook
For Ripple (XRP), the CLARITY legislation is a game-changer, pushing its price above $1.52. Analyst Sherpa anticipated the excitement surrounding Senate votes would impact XRP’s value, revealing that he accumulated before the surge and plans to hold until the price reaches its real peak. He sets the first major target at $1.71.
The key technical level currently under watch is the channel resistance at $1.51. Many altcoins led by BTC have broken out of multi-week channels, and XRP’s movement—trapped for nearly 100 days—was anticipated. The CLARITY Act became the spark for this breakout. If XRP maintains support above $1.604, a retest of $1.840 would not be surprising. Still, the risk of future interest rate hikes due to inflation, which markets have not fully priced in, should not be overlooked.
Even during market downtimes, HYPE Coin continues to stay on track. Earlier today, details about Coinbase’s partnership were highlighted as a positive indicator for the token.
Sherpa also cautions that this bullish momentum may reverse, warning that HYPE could retreat as low as $35. However, he describes Hyperliquid (HYPE) as one of the strongest altcoins to watch amid ongoing market uncertainties.
