XRP (XRP 3.13%) is surging again Monday. The cryptocurrency's token price was up 5.5% over the past 24 hours as of 1 p.m. ET. At the same point in the day's trading, Bitcoin (BTC 0.82%) was up 1.6%, and Ethereum (ETH 0.38%) was up 1.7%. Today's trading has pushed Bitcoin to a new all-time high.

The broader crypto market is continuing to see bullish momentum, and XRP is getting a lift from the trend. In addition to new legislation being discussed this week that could wind up benefiting the crypto industry, the token is getting a boost from expectations that the macroeconomic backdrop for cryptocurrency valuations could soon become more favorable.

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XRP rises as "Crypto Week" kicks off

The U.S. House of Representatives will be discussing three new pieces of legislation as part of the "Crypto Week" initiative that will run from today through Friday. While these bills will introduce new regulations for the space, investors are betting that having a defined regulatory framework in place for crypto will actually be a significant boon for adoption. Along with signs that interest rates could fall significantly this year, signs of increasing political support for the crypto industry are powering big gains for leading tokens.

Is the Federal Reserve about to extend the crypto bull market?

Investors are also buying up cryptocurrencies with the expectation that the Federal Reserve will deliver an interest rate cut at the end of this month -- or that the central bank has at least warmed up to delivering more rate cuts this year than previously expected. If the Fed shifts to implementing substantial rate cuts, it could significantly extend the bullish run for cryptocurrency valuations -- and some investors are hoping to get in ahead of potential moves on benchmark interest policy.

While XRP and other tokens remain relatively high-risk valuations, it's possible that conditions are becoming favorable to power continued gains on the heels of the broader market's recent rally.