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Discussions around the market-wide run triggered by Bitcoin have led to suggestions that $XRP boasts a more natural pump without external factors.
Notably, Bitcoin recently soared past a new all-time high, climbing above $118,000 during an ongoing market rally. However, as the price climbs, discussions around what’s fueling the surge have emerged, especially after Tether minted another $1 billion worth of $USDT.
$XRP Rally More Organic?
For context, the fresh capital injection came just as Bitcoin picked up steam. On-chain tracker Whale Alert first flagged the mint, triggering reactions within crypto circles. Interestingly, this mint came seven days after a previous 1 billion $USDT capital injection on July 3.
Now, commentators within the $XRP community took this cue to draw a line between the two assets. They argue that while Bitcoin’s gains might come from fresh liquidity brought in through $USDT, $XRP’s rally looks more natural and driven by actual market demand.
Notably, over the past few days, market watchers have called attention to a massive increase in trading activity on Upbit, South Korea’s largest exchange, leading to a surge in volume and netflows. Some questioned why these metrics did not translate to a surge in $XRP price at the time. Today, the growing demand appears to be contributing to $XRP’s price uptrend, but only after the $BTC price rises and altcoins follow.
In the last seven days, Bitcoin has gained 8%. Meanwhile, $XRP jumped by a stronger 13.62% within the same time frame. Since the start of the month, $XRP has climbed 15.37%, while Bitcoin rose 10%. Although $XRP hasn’t hit new record highs, its recent growth appears consistent and, to some, less driven by external factors.
Connection Between $USDT Mints and Bitcoin Rallies
The connection between $USDT mints and Bitcoin rallies isn’t new. On May 21, 2025, Tether minted $2 billion in $USDT. The next day, Bitcoin’s price hit a then-record high of $111,000. Notably, market watchers called attention to the correlation.
Also, analysts at Blockchain Research Lab found that Bitcoin often rises between 0.4% and 0.8% within 30 minutes of a large $USDT mint. These jumps occur more frequently when on-chain alert services highlight transactions and spark FOMO across social media.
Meanwhile, a 2018 study by two American university professors also highlighted this link. Their research found that Tether often issued new $USDT after market drops, and those coins regularly flowed into Bitcoin.
However, market analysts believe these Tether mints merely inject liquidity. They argue that once $USDT hits exchanges, traders can use it to buy Bitcoin and other cryptocurrencies, which increases buying pressure and supports rising prices, as in the case of $XRP.
The mere announcement of a mint often boosts confidence and encourages early buying, and as a result of the $BTC rise, $XRP is up 8% in 24 hours. Meanwhile, other top crypto assets have joined the market run. For instance, Ethereum has rallied 8.24% over the past day, while Solana and Dogecoin have increased by 4.5% and 10.5%, respectively.
BNB appears to have lagged with a mild 2.84% increase within the same timeframe. However, Cardano takes the lead, up 15% during this period.
Nonetheless, others disagree. Some critics question whether Tether fully backs every $USDT with real-world reserves. They believe that if Tether prints stablecoins without proper support, it could inflate Bitcoin’s price unfairly and lead to instability.