Shock Trump Leak Sparks Huge Crypto Price Rally—Boosting Bitcoin, XRP And Solana – Forbes
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).Unlock over $3,000 in NFT, web3 and crypto perks — Apply now!The bitcoin price, currently bobbing around $100,000 per bitcoin, has more than doubled over the last year, pushing the combined bitcoin, ethereum, 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.Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull runU.S. president-elect Donald Trump appeared remotely for a sentencing hearing earlier this month as … [+] bitcoin and crypto traders gear up for his inauguration next week—sending the price of XRP, solana and other coins higher.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 facilitate cross border payments, it was reported by the New York Post, citing anonymous sources.The Post described Trump as “receptive” to the idea following meetings with Ripple chief executive Brad Garlinghouse and Coinbase’s Brian Armstrong.Earlier this month, Circle chief executive Jeremy Allaire posted to X that the stablecoin company contributed $1 million worth of USDC to Trump’s inaugural committee, following in the footsteps of other companies looking to ingratiate themselves with the new administration.In July, then Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization during an appearance at the Bitcoin 2024 conference.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.”Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curiousThe bitcoin price has surged, pulling the wider XRP, solana and crypto market higher. 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.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).”The price of solana has shot well past the $200 mark today on speculation of a potentially imminent approval for a solana ETF,” Chris Chung, founder of solana swap platform Titan, said in emailed comments, pointing to four proposals that have decision deadlines next week, January 25.”But we have to keep in mind that an approval on the 25th is not guaranteed, and if these initial proposals are rejected, it could cause a sell-off,” Chung said. “Equally, we’ve seen many instances recently when investors buy the rumor and sell the news, which could be the case with solana ETFs. Ultimately, it’s worth being prepared for heightened volatility, regardless of the decision.”Wall Street giant BlackRock led a campaign to get a spot bitcoin ETF approved in the U.S. in 2023, with a fleet of bitcoin funds making their debut in January last year, followed by a clutch of ethereum funds.One Community. Many Voices. Create a free account to share your thoughts. Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.In order to do so, please follow the posting rules in our site’s Terms of Service. We’ve summarized some of those key rules below. Simply put, keep it civil.Your post will be rejected if we notice that it seems to contain:User accounts will be blocked if we notice or believe that users are engaged in:So, how can you be a power user?Thanks for reading our community guidelines. 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