On Monday (January 6), Bitcoin rebounded above $99,000, with Dogecoin recording an increase of over 20% for the week. Donald Trump, the newly elected President of the United States, is about to take office, and Ripple has anticipated the market by expanding U.S. hiring and partnerships, with the newly launched dollar stablecoin RLUSD's trading volume surpassing competitor PYUSD. Billionaire Elon Musk will implement Twitter payments, stimulating a return of buying interest in Bitcoin and Dogecoin.
Trump Trade: Ripple Expands U.S. Hiring and Partnerships RLUSD Stablecoin Rises
Ripple CEO Brad Garlinghouse recently discussed the significant changes since Trump's election, noting that the company expanded its business in the U.S. and secured large deals due to Trump's support for cryptocurrencies, which is good 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 from the past four years when 75% of hiring was outside the U.S., attributed to the new government's support for cryptocurrencies.
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 held an optimistic view of Trump's policies and appointments, including cryptocurrency advocate Paul Atkins as chair of the SEC.
Ripple's newly launched dollar stablecoin RLUSD is another sign of growth, with its 24-hour trading volume surpassing PYUSD and EURC. This indicates that Ripple can quickly develop 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 Scott Bessent, David Sacks, and Atkins. Garlinghouse believes this is driving economic activity and confidence in the sector.
Under previous leadership, Ripple had been entangled with the SEC for years, and a more favorable attitude is expected from the new government. Analysts believe that the SEC's lawsuit against Ripple may be dropped, easing the company's burden and benefiting the price of Ripple (XRP).
The lawsuit filed by SEC Chairman Gary Gensler has paralyzed Ripple's U.S. operations. In a more regulatory-friendly environment, XRP may now be allowed to resume operations, and the market is optimistic about its growth prospects in the coming months.
Musk will 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 could change the game for Bitcoin and cryptocurrencies.
"The new Twitter code has just been released, indicating that X Payments will launch without having obtained approval from all 50 states," Twitter influencer Alex Finn posted. "This means that X Payments may launch today."
Since Musk acquired Twitter and rebranded it as X, he has been obtaining money transfer licenses across various states in the U.S., which is part of his grand plan to develop Twitter into a 'Super App.'
MacRumors contributor Aaron Perris posted a screenshot of code on the platform, stating, "It looks like Twitter plans to launch X Money first in the U.S. 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 feature will launch on the social media platform in the form of X Money, alongside a series of other features, urging people to 'fasten their seatbelts.'
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 speed up transactions and reduce costs. Musk's rocket company SpaceX has recently been linked to the Tether-dominated USDT stablecoin.
After the news broke, Dogecoin recorded an increase of over 20% in a single week, as the market generally bets that Elon Musk, known as the 'father of Dogecoin', will include Dogecoin in Twitter's payment feature.
Bitcoin Technical Analysis
Bitcoin.com News reports that on a 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 breakthrough above $98,951 could push the price up to $100,000. Conversely, if this resistance remains intact, a pullback to the $96,000-$95,000 support zone is still reasonable.
Daily analysis shows Bitcoin rebounding from a recent low of $91,315, presenting a broader bullish framework. Price action indicates that the market is actively working to break through the $98,000-$100,000 resistance range. If trading volume increases, this breakout could trigger significant upward momentum. However, the current reduction in trading activity suggests a possible consolidation period. 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 at 55, while the Stochastic Oscillator is at 81, and the Commodity Channel Index (CCI) is at 34. The Average Directional Index (ADX) is at 20, indicating no mainstream trend direction currently. However, the Momentum Oscillator and Moving Average Convergence Divergence (MACD) both suggest an upward movement tendency.
The moving average (MA) provides credibility to the bullish outlook. The exponential moving averages (EMA) and simple moving averages (SMA) across multiple periods indicate buy 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.
