With Bitcoin Pizza Day pushing BTC past $111,000, are we just getting started? How high is Bitcoin going to go from here in price discovery mode? Why is Bitcoin going up? Bitcoin (BTC) reached a new all-time high of $111,861…

Bitcoin Pizza Day rally pushes BTC toward $112,000 — how high is Bitcoin going to go?

**Key takeaways:**
 * The SEC&#8217;s decision on a spot XRP ETF could ignite a significant rally.
 * The current $2.2 billion in XRP futures hints at growing institutional investor demand.
The two most bullish events ever imagined by XRP (XRP) advocates happened in 
2025, but XRP continues to underperform the cryptocurrency market. On March 6, 
XRP was listed as a candidate for the United States&#8217; &#8220;Digital Asset Reserve,&#8221; 
and Ripple Labs settled a multi-year-long complaint with the US Securities and 
Exchange Commission on May 8.
_XRP/USD (blue) vs. crypto market capitalization. Source: TradingView / 
Cointelegraph_
XRP fell 6% in the three months leading up to May 22, while overall crypto 
market capitalization rose 10%. Traders remain hopeful for a 45% rally to 
$3.50, with derivatives metrics signaling rising confidence.
## Leverage use ramps up ahead of potential spot XRP ETF listing
The aggregate open interest on XRP futures on major exchanges jumped to 923 
million XRP on May 22, up 31% from two weeks prior. The $2.2 billion position 
in futures markets signals growing interest from traders, but it is not 
necessarily bullish, as those instruments can also be used to speculate on the 
XRP price downside.
_XRP futures open interest on major exchanges, XRP. Source: CoinGlass_
Some traders argue that the increased demand for leveraged XRP positions 
indicates growing institutional interest, especially as multiple issuers filed 
for a spot XRP exchange-traded fund (ETF) listing in the US. However, the 
final decision by the US SEC should be made in October.
Excessive demand for bullish leveraged XRP causes a positive funding rate, 
meaning longs (buyers) are the ones paying the carry cost. As cryptocurrency 
traders are generally optimistic, a 7% to 14% annualized funding rate is 
expected in neutral markets, while periods of FOMO can push the indicator 
above 50%.
_XRP futures annualized funding rate. Source:__Laevitas.ch_
The annualized funding rate jumped to 19% on May 22, nearing the highest 
levels in six months. Still, the current optimism level is nowhere near the 
100% annualized funding rate from Dec. 4, 2024, which followed an impressive 
7-day rally to $2.90 from $1.33. Far from being bearish, the current level 
leaves room for bullish positioning on XRP futures markets.
_**Related:**__**Which senators invest in crypto? 11 lawmakers have 
blockchain-related investments**_
## Favorable regulation opens the door for new partnerships and acquisitions
Part of the limited XRP price upside can be explained by the multiple 
rejections of US Senator Cynthia Lummis, Chair of the US Congress Digital 
Assets Subcommittee, to meet Ripple representatives. Ripple CEO Brad 
Garlinghouse asked on May 19 that the lawmaker &#8220;reconsider and be a leader for 
ALL of crypto,&#8221; and discuss &#8220;how to make the US the crypto capital of the 
world.&#8221;
There is nothing stopping XRP from hitting $3.50 or even higher, as Ripple 
Labs is no longer facing direct threats from regulators, which paves the way 
for partnerships and acquisitions. Historically, XRP has reacted very 
positively following those announcements, and the $2.2 billion futures open 
interest could help catapult XRP price above the current $3.25 all-time high.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

XRP price fails to respond to two extremely bullish developments — Here is why

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Ethereum is gaining momentum as optimism returns to the crypto market. With 
Bitcoin officially entering price discovery and surging past its all-time 
highs, attention is turning toward ETH, which is now testing critical 
resistance levels. Ethereum has gained over 55% since early May, riding the 
wave of broader market strength and renewed investor confidence. However, 
despite the impressive recovery, ETH still lags behind Bitcoin’s pace and has 
yet to reclaim its 2021 highs. Related Reading: Litecoin Eyes $117.50 As Price 
Rebounds From Key Support – Analyst Top analyst Daan shared a technical view 
highlighting that Ethereum has been chopping around the $2,400–$2,600 zone 
since its explosive move earlier this month. This range-bound price action 
signals indecision, as buyers remain active but haven’t yet triggered a 
breakout. Daan notes that although Bitcoin is showing strong leadership with 
its push into new highs, Ethereum’s performance in this phase has been more 
muted. Still, the setup remains constructive for bulls. The $2,400 level has 
acted as solid support, while resistance above $2,800 remains the next target 
to clear for continuation. As Bitcoin continues to lead, ETH could be next in 
line to surge—if it can escape this range and follow BTC’s lead into a new leg 
higher. All eyes are now on Ethereum’s next move. Ethereum Prepares For A 
Breakout As Altcoins Enter The Spotlight As Bitcoin surged to a new all-time 
high above $111K, the broader crypto market appears to be entering a fresh 
phase of momentum, one that could drive massive gains across altcoins. Among 
them, Ethereum remains in a critical position. While ETH hasn’t followed BTC’s 
breakout just yet, it’s holding firmly above support and showing signs of 
building strength. To confirm a bullish continuation, ETH needs to break 
decisively above resistance and lead the altcoin rally. Daan shared a 
technical view highlighting that ETH has been consolidating between the $2,400 
and $2,600 levels since its last squeeze higher. Despite Bitcoin’s explosive 
move, Ethereum is once again lagging, a dynamic that’s been reflected in a 
cooling ETH/BTC ratio. This underperformance has sparked debate among traders, 
with many waiting for ETH to catch up and drive the next altseason. Daan 
emphasized that the $2,500 zone has been well-defended by bulls, but ETH has 
yet to produce a convincing breakout. The key resistance level to watch is 
$2,850—clearing it would mark a technical shift toward higher highs. On the 
flip side, if ETH falls below $2,100, it could trigger a broader pullback. For 
now, ETH remains range-bound but poised, with market sentiment growing more 
optimistic by the day. Related Reading: Solana Multi-Year Uptrend Holds Strong 
– Analyst Sees SOL Breaking ATH This Year ETH Tests Critical Price Levels 
Ethereum is showing signs of renewed strength on the 4-hour chart, trading 
around $2,668 at the time of writing. After weeks of consolidation in the 
$2,400–$2,600 range, ETH has pushed toward the upper boundary of this zone, 
hinting at a possible breakout. The recent bounce from support around $2,450 
has been strong, with consecutive green candles and rising volume signaling 
increasing bullish momentum. The 200-period SMA and EMA, currently at $2,077 
and $2,1,99 respectively, are well below the current price, confirming a 
bullish market structure. ETH has held above both moving averages since early 
May, and the current price action appears to be building up pressure for a 
decisive move. Related Reading: Dogecoin Momentum Fades – Analyst Expects 
$0.213 Retest However, ETH must now break above $2,700 convincingly to confirm 
a breakout and signal a continuation toward higher resistance at $2,850 and 
beyond. This level has been tested multiple times, but sellers continue to 
defend it. A breakout could trigger a rapid move to $3,000, while failure to 
hold current levels could drag ETH back toward its previous support. Featured 
image from Dall-E, chart from TradingView