The dynamic realm of crypto has concluded another week, primarily with traders and investors rejoicing amid a broader market recovery. Bitcoin (BTC) price resurged to the $105K level as the week closed, whereas Ripple’s XRP witnessed gains of nearly 30% in the past seven days. Further, the new meme coin TRUMP has emerged as the talk of the cryptocurrency town, surging phenomenally ahead of Donald Trump’s upcoming presidential inauguration.
So, let’s delve deeper into some of the most buzzworthy crypto market updates reported by CoinGape over the past week.
BTC & Crypto Market Carry Momentum Ahead Of Donald Trump’s Presidential Inauguration
Notably, a pro-crypto wave appears to have engulfed the broader market as Donald Trump is set to take office on January 20. The 47th U.S. president’s pro-cryptocurrency stand and immense support for digital assets have significantly impacted the market. Amid soaring optimism in light of Trump’s presidential inauguration, BTC and top crypto prices recovered following a recent waning action, further underscoring the Republican’s influence on the market.
BTC price gained over 10% in the past seven days and exchanged hands at the $105K level as the week closed. ETH price gained slightly by 3% during the same period, closing the week at the $3,370 level. Simultaneously, Solana closed the week at around $257, a massive 37% surge in the past seven days. Also, meme coins such as SHIB and DOGE pumped 5%-20% over the past week. As mentioned above, the rising trajectories fall in line with Donald Trump’s upcoming presidential inauguration.
Moreover, in light of this saga, Oklahoma recently introduced a Bitcoin Reserve Act, further bolstering support for the asset amid a bullish market. Additionally, CoinGape reported that even Wyoming proposed legislation to allow state funds’ investment in BTC. Overall, the abovementioned developments as the Republican is set to commence his presidential term have underlined a bullish impact on the crypto market.
Ripple’s XRP Hovers Above $3
Simultaneously, Ripple’s native coin has emerged as another hot buzz in the market, surging 28% over the week to close at $3.26. The crypto leverages a broader bullish momentum as the 47th U.S. president is set to begin his term, as mentioned above. Besides, a stockpile of other developments garnered additional attention toward the digital asset.
Notably, the odds of an XRP ETF have gained significant weight amid Gary Gensler’s exit. As per Nate Geraci, filings for ProShares Leveraged & Inverse XRP ETFs and ProShares XRP Futures ETF have been submitted recently. This development has ignited considerable market optimism surrounding Ripple’s coin.
Further, Ripple co-founder Chris Larsen has reportedly moved $60.54 million XRP from his wallet, sparking discussions amid new filings in the lawsuit against the SEC. Intriguingly, even Ripple whales moved over 130 million tokens as both parties agreed to file stipulations regarding cross-appeals, and the SEC filed its new opening brief. Altogether, the abovementioned events emerged as some of the most impactful news for the Ripple community this week.
TRUMP Meme Coin Gains Traction
On the other hand, Donald Trump announced the TRUMP meme coin launch this week, sparking additional discussions. Notably, the Official TRUMP coin witnessed a phenomenal 3000% uptick within just 20 hours, reaching right behind Pepe Coin in terms of market cap. The token’s rising popularity ahead of the presidential inauguration has further raised eyebrows among traders and investors globally.
Meanwhile, it’s also noteworthy that the whale accumulations for the new meme coin on Solana have witnessed a remarkable rise, sparking optimism over the asset’s future movements. Overall, the abovementioned events are among the most impactful news across the crypto market over the past week.
The post Crypto Market This Week: BTC & XRP Shine Ahead Of Trump’s Presidential Inauguration appeared first on CoinGape.
