XRP Leads Altcoin Rally With 12% Surge; Ether and Dogecoin Follow Higher

Crypto Markets Climb on Broader Risk-On Sentiment; Bitcoin Lags as Hedging Rises

Global markets saw renewed risk appetite Friday, with gains across cryptocurrencies, equities, and gold, even as oil prices headed for their steepest weekly decline since June.

The positive momentum was fueled in part by easing U.S.–Japan trade tensions. Japan’s chief trade negotiator Hiroshi Suzuki confirmed the U.S. would remove stacked tariffs and reduce automobile duties, helping lift the MSCI Asia Pacific Index by 0.5%—marking its fifth consecutive daily gain. Japan’s Nikkei 225 surged 2.3%.

In crypto markets, altcoins led the charge as total market capitalization rose 3% to $3.76 trillion. Ethereum (ETH) gained 7.3% to $3,935, XRP jumped 12% to $3.36, Solana (SOL) added 4.7% to $175.19, and Dogecoin (DOGE) rose 8.8% to $0.22. Bitcoin (BTC) underperformed, rising just 1.9% to $116,781 on $38.8 billion in 24-hour trading volume.

Bitcoin Caught in Tight Range

Despite the broader rally, Bitcoin continues to trade sideways. FxPro’s chief market analyst Alex Kuptsikevich said the crypto rebound mirrors improving sentiment in equity markets, but warned that BTC remains “trapped in a narrow range” between key support at $112,000 and resistance at $120,000.

On-Chain and Options Signals Suggest Caution

Glassnode data indicates a shift in BTC sentiment from “euphoria” to “cooling.” Spot Bitcoin ETF inflows have dropped nearly 25%, network activity is declining, and transaction fees are falling.

Meanwhile, crypto options markets reflect a more defensive posture. Traders have increased hedging exposure, particularly for BTC downside below $100,000 into late August—suggesting concerns of a prolonged summer slowdown.

Oil Diverges with Sharp Weekly Losses

Unlike risk assets, oil struggled this week. Brent and WTI prices are on track for weekly declines of over 4% amid rising U.S. crude inventories and softer Chinese import data, according to Bloomberg.