On Monday (January 6), Bitcoin rose above $99,000, with Dogecoin recording over a 20% increase for the week. The incoming President Donald Trump is about to be sworn in, and Ripple is betting on the market, expanding its recruitment and partnerships in the U.S., with the newly launched dollar stablecoin RLUSD's trading volume surpassing its competitor PYUSD. Billionaire Elon Musk will implement Twitter payments, stimulating the return of buying pressure for Bitcoin and Dogecoin.
Trump's Deals: Ripple expands U.S. recruitment and partnerships, RLUSD stablecoin rises.
Ripple CEO Brad Garlinghouse recently discussed the significant changes since Trump's election, as the company expanded its U.S. operations and secured major deals due to Trump's support for cryptocurrency, which is beneficial for Ripple and the entire cryptocurrency market.
In a recent post, Garlinghouse stated that 75% of Ripple's vacant positions are now in the U.S. This marks a significant change compared to the past four years, where 75% of hires were outside the U.S., driven by the new government's support for cryptocurrency.
He also noted that Ripple completed more U.S. transactions in the last 6 weeks of 2024 than in the total of the previous 6 months. This occurred during a broader market rebound, as people felt optimistic about Trump's policies and appointments, including cryptocurrency advocate Paul Atkins as the SEC Chairman.
Ripple's newly launched dollar stablecoin RLUSD is another sign of growth, with its 24-hour trading volume already surpassing PYUSD and EURC. This indicates that Ripple can grow rapidly in the ever-changing cryptocurrency landscape.
Garlinghouse stated that the 'Trump Bull Market' is real, explaining that it is due to the government's focus on innovation and job growth, led by figures like Scott Bessent, David Sacks, and Atkins. Garlinghouse believes this is driving economic activity and confidence in the sector.
Under previous leadership, Ripple has been entangled with the U.S. SEC for years, and it is expected that the new government will take a more friendly approach. Analysts believe that the SEC's lawsuit against Ripple may be dismissed, which would alleviate the company's burden and benefit the price of Ripple (XRP).
The lawsuit initiated by SEC Chairman Gary Gensler has paralyzed Ripple's U.S. operations. In a more favorable regulatory environment, XRP may now be allowed to resume operations, and the market is optimistic about its growth prospects in the coming months.
Elon Musk is set to implement Twitter payments X Money this year.
Forbes reported over the weekend that there are rumors that Musk's Twitter platform (now renamed X) may launch a product that will change the game for Bitcoin and cryptocurrencies.
“The new Twitter code has just been released, indicating that X Payments will launch without obtaining approval from all 50 states,” Twitter influencer Alex Finn posted. “This means that X Payments might launch today.”
Since Musk acquired Twitter and renamed it X, he has been obtaining money transfer licenses across U.S. states as part of a grand plan to develop Twitter into a 'super app.'
MacRumors special correspondent Aaron Perris posted a screenshot of code on the platform, stating, 'It looks like Twitter plans to launch X Money in the U.S. first, before obtaining approval from all 50 states,' but the screenshot has not yet been confirmed by the company itself.
Earlier last week, Twitter CEO Linda Yaccarino confirmed that in 2025, the payment functionality will land on the social media platform in the form of X Money, along with a series of other features, telling people to 'buckle up.'
The confirmation of X Money has sparked wild speculation that the platform may use or support Bitcoin, cryptocurrencies, or stablecoins pegged to the dollar, which utilize cryptographic technology to accelerate transaction speeds and reduce costs. Musk's rocket company SpaceX has recently been linked to Tether's dominant USDT stablecoin.
After the news broke, Dogecoin recorded over a 20% increase for the week, as the market widely bets that Musk, as the 'father of Dogecoin,' will include Dogecoin in the Twitter payment features.
Bitcoin Technical Analysis
On the 4-hour timeframe, Bitcoin shows a consistent high-low pattern, reinforcing short-term bullish sentiment. Significant resistance hovers around $98,951. The volatility in trading volume complicates the outlook, as a sustained break above $98,951 could push prices up to $100,000. Conversely, if this resistance remains intact, a pullback to the support area around $96,000-$95,000 still seems reasonable.
Daily analysis shows that Bitcoin has rebounded from a recent low of $91,315, presenting a broader bullish framework. Price movements indicate that the market is actively trying to break through the resistance range of $98,000-$100,000. If trading volume increases, this breakout could trigger significant upward momentum. However, the current reduction in trading activity suggests a potential consolidation phase. If resistance persists, a pullback to the $95,000-$92,000 range remains possible.
Technical indicators reflect a fundamentally neutral stance. The Relative Strength Index (RSI) is 55, while the stochastic oscillator is 81, and the Commodity Channel Index (CCI) is 34. The Average Directional Index (ADX) is 20, indicating no mainstream trend direction currently. However, the momentum oscillator and the Moving Average Convergence Divergence (MACD) both suggest an upward movement tendency.
The moving averages (MA) provide credibility to the bullish outlook. Exponential moving averages (EMA) and simple moving averages (SMA) across multiple periods indicate buying opportunities. The 10-period EMA is $96,688, and the SMA is $95,485, providing immediate support, while the 30-period SMA is $98,229, aligning with short-term resistance. This configuration reflects the current consolidation zone, where Bitcoin will take its next action.