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Bitcoin Soars to New ATH of $112K, XRP Hints at Bullish Breakout

By Jordan Finneseth

Jordan Finneseth is an experienced crypto journalist, having previously worked for notable publications, including Cointelegraph, and currently serving as the Crypto Editor for Kitco News. He holds a Master of Science in Clinical/Counseling Psychology from Cal State San Bernardino and a pair of Bachelor's degrees in Psychology and Environmental Health Science, but began to focus his attention on the cryptocurrency space in early 2017 after notici...

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Bitcoin and the broader cryptocurrency market are back on the uptrend after spending weeks treading water amid multiple geopolitical flare-ups that rattled investors' nerves, reducing their appetite for risk.

Wednesday saw King Crypto notch a new record high above $112,000 as the return to risk boosted both stocks and crypto, while gold continued to consolidate above $3,300.

Data provided by TradingView shows that Bitcoin bulls stoutly defended support at $108,000 over the past week, rebuffing every attempt by bears to drop it to lower levels. Wednesday saw bulls push back with force, rallying BTC from a daily low of $108,346 to a new all-time high of $112,182 on Coinbase.

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BTC/USD 1-Day Price Chart. Source: TradingView

After the peak, profit-taking ensued, and Bitcoin closed the Wednesday daily candle at $111,296.

The record-breaking rally came as stocks experienced a slight pullback after President Trump announced new tariffs of up to 40% against Malaysia, Kazakhstan, South Africa, Myanmar, and Laos, while Japan’s rate climbed to 25%.

Market watchers have taken this as a positive sign for digital assets in general and Bitcoin specifically, which has shown increasing signs of decoupling from the stock market. The latest strength amid renewed tariffs concerns does highlight BTC's growing appeal as a safe-haven asset and alternative to the dollar amid de-dollarization and fiat debasement.

While most of crypto Twitter is in full-on bull mode, predicting a $150,000 Bitcoin price in the next few months, market analyst Crypto Chase took a more measured approach and outlined three possible scenarios moving forward.

His predicted scenario involves a pullback to hunt for liquidity at $107,000 before the rally resumes and Bitcoin breaks out into uncharted territory.

And those who have been around for a few cycles have maintained that this current cycle is reminiscent of 2017, which, as market analyst Galaxy shows, means a parabolic rally could be next.

For now, Bitcoin bulls and bears are battling for control in the support/resistance zone between past and current all-time highs, with BTC trading at $111,150 at the time of writing.

XRP and XLM Benefit from Institutional Adoption

XRP is once again trending in the charts and on social media after Ripple revealed a partnership with BNY Mellon, America’s oldest bank.

On July 1, Ripple appointed BNY Mellon as the primary custodian of its stablecoin, Ripple USD (RLUSD), which operates on both Ethereum and the XRP Ledger blockchains. RLUSD has recently surpassed a $500 million market cap since its debut 7 months ago, suggesting that demand is steadily rising.

Stablecoins are widely recognized as crypto's ‘killer app’ for mass adoption. Having one of America’s most respected banks as a partner is seen as a positive sign for the future of the Ripple ecosystem.

Data provided by TradingView shows XRP has now broken out of a multi-month descending triangle, which many analysts interpret as a bullish sign that further gains are ahead.

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XRP/USD 1-Day Price Chart. Source: TradingView

According to market analyst Mags, XRP is gearing up for the final “blow-off top” stage, which could see it rally past $7.

XRP’s sister token, Stellar (XLM), is also having a breakout moment, thanks to several notable developments of its own.

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XLM/USD 1-Day Price Chart. Source: TradingView

In early June, PayPal CEO Alex Chriss announced that the payment processor’s stablecoin, PayPalUSD (PYUSD), would be launching on the Stellar network, pending regulatory approval.

The network received an additional vote of confidence from asset manager Franklin Templeton and stablecoin issuer Circle, who have reportedly moved nearly $500 million in real U.S. Treasuries onto Stellar.

The developments for both XRP and XLM suggest that institutional adoption is continuing to rise, which bodes well for the health of the entire ecosystem, and especially for projects that offer real-world value.

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Jordan Finneseth is an experienced crypto journalist, having previously worked for notable publications, including Cointelegraph, and currently serving as the Crypto Editor for Kitco News. He holds a Master of Science in Clinical/Counseling Psychology from Cal State San Bernardino and a pair of Bachelor's degrees in Psychology and Environmental Health Science, but began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market. Since that time, Jordan has expanded his knowledge to become familiar with all things crypto and enjoys using the lessons learned to help spread awareness about blockchain technology and cryptocurrencies to the general public in an easy-to-understand manner.

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