XRP and Dogecoin Soar on Regulatory Leadership and Musk Boost as Bitcoin Reclaims $70,000

▲ Regulatory leadership and Musk-related tailwinds! XRP and Dogecoin surge together... Bitcoin reclaims $70,000 / ChatGPT-generated image

Amid easing U.S. inflation, Bitcoin (BTC) has reclaimed the $70,000 level, while major altcoins such as XRP (Ripple) and Dogecoin (DOGE) have posted consecutive major gains, leading an explosive rally in the cryptocurrency market.

According to CoinMarketCap on Feb. 15 (local time), Bitcoin rose 1.85% over the past 24 hours to trade at $70,777.69, successfully securing a position above the key psychological resistance of $70,000. The total cryptocurrency market capitalization also increased 2.49% to $2.44 trillion, signaling a clear recovery trend.

XRP’s surge in particular has captured market attention. XRP skyrocketed 15.46% from the previous day to $1.65, far outpacing the leading cryptocurrency’s gains. The rally is attributed to heightened expectations of regulatory risk easing after Ripple CEO Brad Garlinghouse joined the U.S. Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee. The momentum was further fueled by Goldman Sachs’ reported $152 million holdings in a spot exchange-traded fund (ETF) and Binance’s integration of RLUSD, drawing substantial institutional inflows.

Dogecoin, the leading meme coin, also heated up the market, surging 19.75% to $0.1160 after Elon Musk announced plans to integrate direct cryptocurrency trading into his X platform. Alongside Dogecoin’s rally, meme coins such as Pepe (PEPE) and emerging contender PIPPIN saw massive speculative buying, creating an intense sector-wide rotation.

The broader cryptocurrency rally was primarily driven by U.S. January Consumer Price Index (CPI) data, which came in at 2.4%, below expectations, reviving hopes for an early interest rate cut by the Federal Reserve. As risk appetite surged, Coinbase shares jumped 18% in a single day, while MicroStrategy (MSTR), which added another 1,100 bitcoins to its holdings, rose 10%, spreading strong gains to related stocks.

Despite the powerful upward momentum, caution still lingers in the market. The Crypto Fear & Greed Index remains at 13, indicating extreme fear, while the Relative Strength Index (RSI) of sharply rising coins such as XRP has entered overbought territory. Whether Bitcoin can firmly establish support above $70,000 and achieve a structural rebound, or whether profit-taking in overheated altcoins will trigger another correction, will likely be determined by additional macroeconomic data and the sustainability of buying pressure this week.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses resulting from it. The content should be interpreted solely for informational purposes.*