The cryptocurrency market has witnessed a significant surge as Bitcoin and Ripple’s XRP prices soared, fueled by groundbreaking developments and market sentiment. This surge marks a promising phase for the crypto sector, with speculations pointing to even higher growth by 2025.
Bitcoin Rockets in 2023 Following Trump’s Election
Bitcoin prices have surged dramatically this year, bolstered by political and regulatory shifts. Donald Trump’s re-election as U.S. president has been a critical driver, catalyzing what analysts are calling a $15 trillion bitcoin price bet.
Regulatory Outlook:
Ed Hindi, Chief Investment Officer of Switzerland-based Tyr Capital, remarked:
“Trump’s win is a massive regulatory green light that will broaden both participation and position sizes in bitcoin, Ethereum, and blue-chip decentralized finance (DeFi) altcoins”
Trump has leaned heavily into cryptocurrency during his campaign, vowing to establish a bitcoin strategic reserve and loosen regulations that crypto companies argue have hindered growth. As part of these efforts, he is reportedly considering replacing outgoing SEC Chair Gary Gensler with a pro-crypto regulator.
Ripple’s XRP has been one of the standout performers in the market, surging 13% in the past week alone. Since the U.S. presidential election in early November, XRP has skyrocketed by nearly 200%, making it the fifth-largest cryptocurrency with a market capitalization of $108 billion.
SEC Chair Appointment Impact:
Traders are optimistic that Trump’s potential SEC appointee could bring Ripple’s prolonged legal battle with the SEC to a favorable conclusion.
New Stable coin Approval:
Fox Business leaked that the New York Department of Financial Services (NYDFS) is close to greenlighting Ripple’s RLUSD stable coin, pegged to the U.S. dollar.
- If approved, Ripple plans to launch RLUSD on December 4, offering a U.S.-regulated alternative to Tether’s $130 billion USDT.
- Anonymous sources reveal that RLUSD could allow Ripple to compete directly in the lucrative stablecoin market dominated by Tether.
Bitcoin’s Price Targets and Thanksgiving Trends
As the year-end approaches, bitcoin bulls are raising their price predictions for 2025. Analysts project bitcoin reaching up to $250,000 in three years, supported by increasing institutional adoption and regulatory clarity.
- Thanksgiving Anomaly:
Historically, Bitcoin tends to dip around the Thanksgiving holiday during bull markets but rebounds shortly after.- This phenomenon was observed in 2016 and 2020, coinciding with bitcoin’s halving years.
- With the most recent halving in April 2024, many market participants believe any Thanksgiving dip presents a strategic buying opportunity.
Ripple’s RLUSD and the Stablecoin Market Race
The stablecoin sector is heating up, with Ripple’s RLUSD targeting a share of the market currently dominated by Tether’s USDT.
- Tether’s USDT has made billions of dollars for its British Virgin Islands-based company every quarter.
- Rival companies, including PayPal, are rushing to launch their own stablecoins, marking a “digital gold rush” in the sector.
Ripple’s RLUSD approval would cement its status as a significant competitor in the space, offering a fully U.S.-compliant option for crypto traders and institutions.
