XRP (CRYPTO:XRP) climbed nearly 10% to around $1.09 in early Thursday trading, according to Coinpedia, breaking above $1.08 after spending several days near $1. The trigger was political: at a White House crypto gathering on Wednesday, Aug. 19, President Donald Trump called on Congress to pass a fair version of the CLARITY Act, framing it as the gate to the next wave of digital-asset innovation.
Coinpedia flagged $1.14 as the next level to watch, with a sustained move above potentially opening the way toward $1.20, and $1.08 as possible support if the rally fades. Flow data hints at accumulation ahead of the summit: spot XRP ETFs took in $5.81 million on Aug. 18, their strongest single-day inflow since July 31. The five funds together hold about 1.5% of XRP’s current supply.
Who Was in the Room
Attendees included Ripple CEO Brad Garlinghouse, Coinbase CEO Brian Armstrong, SEC Chair Paul Atkins and CFTC Chair Michael Selig. Garlinghouse said 67 million Americans now hold crypto, nearly one in four, adding: “Crypto isn’t a fringe industry.” Armstrong pointed to the Sept. 15 CLARITY Act vote as the most important next step, saying the administration, SEC and CFTC are aligned. Atkins backed sending the bill to Trump for approval.
One caveat: the CLARITY Act is not law. It has not passed the Senate. Sept. 15 is only a scheduled vote.
Five Days That Flipped the Narrative
On Aug. 7, CoinDesk reported bitcoin stuck near $64,000 as the CLARITY Act vote slipped to September. On Aug. 15, CryptoSlate reported CLARITY Act odds had collapsed to 10% ahead of Trump’s planned meeting with crypto leaders, a figure that predates the summit. Four days later, the president was on camera pushing Congress to move.
Bitcoin, Ether and a Hyperliquid Cameo
Per CNBC’s early-Thursday snapshot, Bitcoin (CRYPTO:BTC) was trading around 5.2% higher at $71,880, while Ether (CRYPTO:ETH) was up more than 9% to $2,288.91. CoinGecko separately clocked ether about 19% higher over the past seven days at $2,251, a three-month high. Bitcoin still sits well below its 2026 high of $94,820 hit in mid-January and its all-time high of $126,198 on Oct. 6 last year. Trump also hinted at regulating Hyperliquid, and its token rose about 25% over the past 24 hours, per CoinGecko. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) traded at more than 4.5 times its 30-day average, and bitcoin volatility on Volmex Labs’ BVIV Index rose above 40 after a year-to-date low of 35.5 on Friday.
Rates Leg Analysts Actually Cite
Attributing the move to Trump alone misreads it. Analysts quoted by CNBC point to the U.S. Treasury’s significant expansion of buybacks in 20-year and 30-year bonds, which pushed long yields lower and lifted risk assets. Sygnum’s Max Stuedlein said the decision “is aimed at addressing long-term yield concerns, where borrowing costs have been rising on concerns over US debt levels and partial crowding out by debt issuances of hyperscalers.” Standard Chartered’s Geoffrey Kendrick called it “exactly the type of thing Bitcoin loves,” and forecast a move to $100,000 by year-end 2026. Fundstrat’s Thomas Lee said the rally “triggered the second-largest ever short liquidation in history.” The 10-year Treasury yield sat at 4.65% on Aug. 19, with the Fed’s target upper bound at 3.75%.
What Actually Decides This
The genuine open question is whether a presidential endorsement converts into 60 Senate votes on Sept. 15. If it does, the market is repricing a legal framework it has been waiting years for. If it does not, a rally built partly on that assumption gives back ground quickly, and the story reverts to the Treasury’s yield mechanics. Both catalysts are live. Neither is settled.
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