‘Blood Rushing Back’ Into Crypto as XRP, Dogecoin Soar

Crypto prices have swelled in recent weeks, bolstered by a favorable outcome in Washington, D.C., amid renewed market exuberance and favorable macroeconomic developments.

XRP is leading the pack among the top 20 cryptos by market cap, up nearly 20% on the day and more than 43% in a week. Meanwhile, the seminal meme token Dogecoin is up 9.5% and 19.5% over the same periods, according to CoinGecko data.

Sean Dawson, Head of Research at Derive, an on-chain options platform, told Decrypt that the confluence of “favourable U.S. government policy and well-timed institutional engagement has resulted in blood rushing back into the crypto market.”

On Thursday, the House of Representatives passed a trio of crypto bills.

Among the bills passed, the GENIUS Act now heads for President Trump’s desk after clearing the Senate last month.

If signed into law as expected, it would establish a framework for private companies to issue stablecoins under specified regulations, including reserve requirements, audits, and transparency standards.

Additionally, the House also passed the CLARITY Act and the Anti-CBDC Surveillance State Act. The former is designed to establish a framework for cryptocurrency regulation, while the latter would prevent the Federal Reserve from issuing a central bank digital currency.

Both bills await Senate approval before advancing to the President.

The legislative push marks a significant development in the U.S. President Donald Trump administration’s goal of reshaping American crypto policy and making the country a “crypto capital of the world.”

Dawson said the passage of Trump’s Big Beautiful Bill, meanwhile, “extends previous tax cuts, in addition to boosting government spending.” 

“An increase in government spending stokes fears of a possible debt crisis and inflation,” leading investors to flock to assets like crypto to outpace inflation,” he said.

“We’ve also seen the rapid rise of Ethereum corporate treasuries like Sharplink Gaming and Bitmine Immersion Technologies,” Dawson added.

XRP, in particular, is seeing a sharp uptick in new addresses joining the network. Santiment’s research considers this a bullish development as it denotes an inflow of new capital.

“Higher beta to Bitcoin” is a key reason for the recent outperformance of XRP and Dogecoin relative to their peers, which also attracts “speculative capital seeking amplified returns,” Dawson said.

However, he added that those assets also undergo steep corrections during downturns.

Other altcoins, Curve DAO, Bonk, and Hedera, have also soared more than 40% in the past week. XLM, meanwhile, stands as one of the most “bullish charts” among top cryptos, veteran trader Peter Brandt said Thursday.