Bitcoin and cryptocurrencies including Ripple’s XRP and ethereum rival solana have soared since the election on Donald Trump (with the market braced for a bombshell next week).
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The bitcoin price, currently bobbing around $100,000 per bitcoin, has more than doubled over the last year, pushing the combined bitcoin, etheruem, XRP, solana and crypto market to almost $4 trillion—as bullish traders ramp up bets on Trump following through with his plans for a U.S. bitcoin reserve.
Now, as the Federal Reserve grapples with a nightmare scenario, a leak has revealed the incoming Trump administration could create a wider crypto reserve—prioritizing U.S.-created cryptocurrencies such as XRP and solana.
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U.S. president-elect Donald Trump appeared remotely for a sentencing hearing earlier this month as … [+]
An “America-first strategic reserve” would back solana, a competitor to the more established ethereum, the USDC stablecoin issued by Circle and supported by major crypto exchange Coinbase, and XRP, developed by the company Ripple to facilitated cross border payments, it was reported by the New York Post, citing anonymous sources.
The price of Ripple’s XRP has rocketed since Trump won November’s election, rising around 500% on optimism that the incoming Trump administration will mean regulations that have weighed on Ripple’s XRP could ease.
“Compared to other cryptocurrencies, XRP has been showing remarkable strength,” Arthur Azizov, chief executive at crypto platform B2BInPay, said in emailed comments. “While others experienced pullbacks, XRP has just been quietly accumulating, and now it’s moving toward its all-time high, which it is likely to surpass.”
This week a Reuters report that said the U.S. Securities and Exchange Commission (SEC) is gearing up to overhaul the agency’s cryptocurrency policies, citing anonymous sources.
“Considering recent developments, such as reports that Trump views XRP as a strategic reserve and its rising popularity on Google searches—where it surpasses bitcoin—XRP’s potential is clear,” Azizov said, predicting the XRP price will climb to over $10 in 2025.
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The bitcoin price has surged, pulling the wider XRP, solana and crypto market higher.
Ethereum rival solana has meanwhile shot higher as traders bet a more open to crypto SEC will wave through a flood of crypto exchange-traded funds (ETFs).
