XRP experienced significant selling pressure on Friday, dropping 8.23% to close at $2.3861 as investors reacted to President Trump's decision to establish a Strategic Bitcoin Reserve (SBR) that excludes altcoins. The Executive Order signed on March 6 focuses exclusively on Bitcoin as a national strategic asset, contradicting Trump's earlier statement supporting a multi-cryptocurrency reserve.
On March 2, Trump had expressed support for a reserve including BTC, ETH, ADA, SOL, and XRP, raising hopes among XRP investors. The announcement of a Bitcoin-only reserve dashed these expectations, causing XRP to tumble below $2.4.
Crypto expert and attorney John E. Deaton shared his perspective on the Executive Order:
"The EO, presumably written by David Sacks, Howard Lutnick, and Bo Hines, with input from folks like Chris Giancarlo and others, is as good as it gets, related to what a President can do."
Despite disappointment over the single-coin approach, Deaton remained positive about the overall direction:
"As for the MultiCoin debate and people disappointed, BTC has ALWAYS led the market. You can dislike it, but it's reality."
Future XRP Price Trajectory
XRP's future price movement will likely depend on three key factors:
- Potential multi-crypto reserve reconsideration - Any indication that other cryptocurrencies might be included later could boost XRP sentiment
- SEC appeal developments - The Securities and Exchange Commission's decision regarding its ongoing case against Ripple could significantly impact XRP. If the SEC drops its appeal challenging the "Programmatic Sales of XRP" ruling, XRP could potentially surpass its previous all-time high of $3.55
- Progress toward XRP-spot ETFs - Regulatory approval of an XRP-spot ETF could drive institutional investment and push prices toward $5
The broader cryptocurrency market also experienced a downturn, falling 3.21% to a total market capitalization of $2.8 trillion. However, Bitcoin continues to show strength, pushing toward $86,000 as the SBR announcement could potentially tighten BTC supply in the market.
As the situation develops, XRP investors will be watching closely for signals from the SEC and the administration regarding the cryptocurrency's regulatory status and potential inclusion in future strategic reserve considerations.
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