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)

Bitcoin and other cryptocurrencies including Ripple's XRP and solana have soared this week as traders prepare for Donald Trump to be sworn in as U.S. president on Thursday.

The price of bitcoin, which is currently bobbing around the $100,000 mark, has more than doubled over the last year. Together, bitcoin, ethereum, XRP, solana and the rest of the crypto market have surged to almost $4 trillion as bullish traders ramp up bets on Trump following through with his plans for a U.S. bitcoin reserve.

Now, a leak has revealed the incoming Trump administration could create a wider crypto reserve, prioritizing U.S.-created cryptocurrencies such as XRP and solana.

U.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. XRP, solana and other coins are rallying.

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An "America-first strategic reserve" would back solana, a competitor to the more established ethereum, the USDC stablecoin that is issued by Circle and supported by major crypto exchange Coinbase, and XRP, which is designed to facilitate cross border payments and was created by the company Ripple, the New York Post reported, 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 revealed on X that the stablecoin company contributed $1 million in 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."

The 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