11/30 update below. This post was originally published on November 29

Bitcoin and cryptocurrencies, including Ripple’s XRP, have suddenly shot higher, with the bitcoin price now again within touching distance of $100,000 after suddenly crashing back this week.

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Bitcoin price has soared this year, fueled by the election of Donald Trump as the US President—drive a massive $15 trillion investment in bitcoin.

Now, like Elon Musk quietly confirms a game changer for bitcoin and crypto marketbitcoin bulls increase their 2025 price forecasts after Donald Trump’s election triggered a regulatory ‘green light’.

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“US institutional investors will deepen their exposure to crypto assets and the rest of the world will catch up,” Ed Hindi, chief investment officer at Switzerland-based crypto hedge fund Tyr Capital, said in emailed comments — setting his 2025 bitcoin price forecast at $250,000 .

“Trump’s win is a massive regulatory green light that will broaden both participation and position sizes in bitcoin, ethereum and blue chip decentralized finance (DeFi) altcoins.”

Trump, who has leaned on bitcoin and crypto this year, vowing to create a strategic bitcoin reserve and loosen regulations that crypto companies have complained stifle the technology, is considering whether to replace the outgoing chairman of the US Securities and Exchange Commission (SEC) Gary Gensler with a pro-crypto regulator.

Ripple’s XRP is up 13% this week as traders bet Trump’s pick for SEC chair will spell an end to Ripple’s protracted legal battles, with the XRP price soaring nearly 200% since the US election early of November.

11/30 Update: Ripple’s XRP has risen again after a leak reported of Fox Business revealed that a top crypto regulator in New York is ready to greenlight a new stablecoin issued by XRP developer Ripple.

The price of Ripple’s XRP has risen another 20% in the past 24 hours, adding to massive gains of around 200% since October and catapulting XRP up the crypto market rankings, making it the fifth largest cryptocurrency with a market capitalization of $108 billion. By comparison, Bitcoin has a market capitalization of just under 2 trillion dollars.

Ripple’s XRP had languished through the recent bitcoin price and crypto market bull run, failing to make big gains as a result of a protracted legal battle with the US Securities and Exchange Commission (SEC).

Anonymous sources told Fox Business that the New York Department of Financial Services is close to approving the so-called RLUSD dollar-pegged stablecoin and Ripple is targeting a December 4 launch date.

If approved, Ripple will be allowed to offer RLUSD to the public, making it a US regulatory alternative to Tether’s $130 billion USDT stablecoin, which currently dominates the stablecoin market.

The runaway success of Tether’s USDT, which makes the British Virgin Islands-based company billions of dollars each quarter, has sparked a digital gold rush as rivals try to take a piece of the market, with internet payments giant PayPal among companies rushing their own stablecoins to market.

“The price of bitcoin recovered from $91,000 on Wednesday as former SEC fintech commissioner Paul Atkins has been seen as the new SEC chairman under the second Trump administration,” said Yuya Hasegawa, bitcoin and crypto market analyst at Tokyo -based Bitbank. in emailed comments, adding the US Thanksgiving holiday could be a catalyst for the bitcoin price to climb above the closely watched $100,000 per bitcoin level.

“In the crypto market, there is also a market anomaly around Thanksgiving. During a bull market, bitcoin tends to suffer losses around Thanksgiving, but the price starts to rise again after a week or two. This ‘Thanksgiving anomaly’ was observed during the bull run of 2016 and 2020, the years when bitcoin’s halving happened. Bitcoin went through its fourth halving in April, so many market participants may be thinking that a dip around Thanksgiving could be a huge opportunity.”

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However, Hindi and other bitcoin and crypto market watchers expect recent volatility to continue in the coming weeks after the price of bitcoin and other smaller cryptocurrencies, including Ripple’s XRP, soared through November.

“We expect both the bull run and volatility in bitcoin to continue for the rest of the year,” Hindi said.

“A range of $75,000/$120,000 would not be surprising. The corrections will probably be quick as dip buying and profit taking are in full force driven by incredible levels of fomo (fear of missing out). Trump trade has lifted bitcoin and stocks to record highs We believe the early Santa rally is overdone and anticipate year-end gains.”