Cryptocurrencies including Dogecoin, Bitcoin and XRP are seeing a significant rebound after a sharp decline on Monday. Dogecoin saw an 11% surge on Tuesday, quickly recovering to $0.357, almost matching its price from a previous week. However, it remains down 12% over the last 30 days, after its good performance in December.
XRP also saw a considerable rise, with the price surging 9%, reaching $2.66, marking its highest point of 2025 so far. This growth brings XRP closer to its seven-year high of $2.82 since December. The price surge comes amid growing optimism over potential approvals for the XRP ETF. Ripple, the company behind XRP, is also seeing increased ties to the new administration, as CEO Brad Garlinghouse and CLO Stuart Alderoty met with President-elect Donald Trump last week, fueling the cryptocurrency’s rise.
Bitcoin, which faced a sharp fall on Monday, has since seen a strong recovery. It is currently priced at $96,905, an increase of 5% for the day. Ethereum and Solana are also up, with Ethereum up 6% and Solana up over 5%. The broader rebound follows concerns that high interest rates could persist through 2025, which had previously caused sharp declines.
Data from CoinGlass shows that more than $300 million in futures contracts have been liquidated in the past 24 hours, with short positions making up the majority of these liquidations. Bitcoin and Ethereum saw lower gains than XRP, but the overall cryptocurrency market shows positive momentum. XRP’s performance has been particularly notable, outperforming other major cryptocurrencies, in part due to Ripple’s bullishness on XRP ETFs.
The recovery of these cryptocurrencies suggests that investors are regaining confidence, despite earlier concerns about economic factors such as interest rates. With major players like Bitcoin, Ethereum, and XRP posting strong gains, the market appears poised for further growth shortly.