All eyes are on Bitcoin and XRP

Trump's inauguration is a few days away, and what was a consensus sell-the-news event a month ago is now, I daresay, a hold or buy event. One of the biggest factors is probably due to the correction crypto markets have experienced leading up to the inauguration. From its recent peak, Bitcoin dropped as much as 17%, Ethereum nearly 30%. This flush helps clear leverage and shake out weak hands.

Another reason is because of the news coming out about the Trump admin's expected pro-crypto actions. There are reportedly day-one Executive Orders to address de-banking practices and promote a more innovation-friendly regulatory framework for digital assets. There are even rumors circulating that the much-anticipated Strategic Bitcoin Reserve could be a Strategic Crypto Reserve instead. A report from the New York Post suggests that Donald Trump is considering including Solana (SOL), Ripple's XRP, and Circle's USDC alongside Bitcoin in an "America First" strategy. I find this unlikely, but these kinds of stories indicate that a bitcoin reserve is more likely.

While anticipation for another leg-up in bitcoin's price builds, XRP is doing well right now. This week it replaced Tether as the third largest cryptocurrency by market cap. The Tether flippening immediately brought up the question whether XRP will overtake Ethereum as the second largest coin. ETH maxis might not get the joke, but it's funny that in previous cycles Ethereum was the coin threatening to replace an incumbent and now it is being threatened. Even funnier, it's XRP, an almost universally maligned coin by people within the crypto industry. Normal readers of this newsletter will know that I have been writing positively about XRP for months and I still maintain it will do well, but I do not think it is likely XRP will flip Ethereum. Please, my ETH bags are trembling.

One bizarre XRP story that came out this week was that the soon-to-be reformed SEC has escalated its legal battle with Ripple, filing an appeal to contest portions of a district court ruling. Ripple's leadership has dismissed the SEC's move as futile and misaligned. I couldn't agree more. To do so a week before regime change is blatant vindictiveness.

-David Sencil

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News

XRP Inches Closer to Overtaking Ethereum

On Wednesday, XRP climbed to an intraday peak of $2.895 and, as of press time, is trading at $2.87 per unit, reflecting an… read more.

Editor's comment: After having been on the side threatening to overtake an incumbent, ETH maxis are getting to experience how it feels to be on the receiving end of this dynamic!

Crypto Ball: Inaugural Gala Signals a New Dawn for US Crypto Leadership

Crypto giants are rallying at the inaugural Crypto Ball, energized by President-elect Trump's pro-crypto agenda and plans to… read more.

Editor's comment: Many of the crypto leaders who helped Trump win the U.S. Presidential election in definitive fashion, are not done yet. This ball serves as a rallying cry to keep the momentum going.

Report: Trump's First-Day Executive Orders to Target Biden's Crypto Policies

The incoming Trump administration appears poised to orchestrate a significant shift in U.S. cryptocurrency policy, signaling… read more.

Editor's comment: I am eagerly, if not nervously, awaiting Trump's first 100 days. I hope he is able to address crypto in addition to the many other issues vying for his attention.

Tether Relocating to El Salvador After Receiving Stablecoin Issuer License

Tether, the company behind USDT, has announced its imminent relocation to El Salvador after receiving a stablecoin… read more.

Editor's comment: This doesn't seem bad at all. Be skeptical of FUD about this story. Tether has allies in Trump's admin, and no matter where Tether is based, the U.S. government will always exert a controlling influence over any U.S. dollar-based stablecoin issuer.

Users Circumvent Sony's Soneium Controversial Block on Meme Coins

Soneium, Sony's Ethereum Layer 2 platform, attempted to block meme coins as part of its official policy to curb unauthorized… read more.

Editor's comment: This is a fascinating example of how the architecture of blockchains are important. Well worth understanding the storyline of this story.

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