XRP Rally Gains Traction Amid Trump’s Crypto Reserve Announcement

NEW YORK, NY – The cryptocurrency market is witnessing significant momentum as XRP continues its surge following an announcement by former President Donald Trump regarding a new ‘Crypto Strategic Reserve.’ This initiative could profoundly impact digital assets like XRP, Solana (SOL), and Cardano (ADA).

On March 2, Trump unveiled details of the reserve in an executive order, asserting that it positions the United States as the ‘Crypto Capital of the World.’ His statement emphasized the need to rejuvenate the industry after what he described as ‘corrupt attacks by the Biden Administration.’

Egrag Crypto, a prominent analyst, shared insights on XRP’s potential using the Elliott Wave Theory, indicating that the altcoin has completed a significant price surge of 510% in Q4 2024. Currently navigating Wave 2, which usually features a corrective pattern, Egrag anticipates a price drop to approximately $1.77 before an aggressive reversal could see XRP soar to around $3.70 to $3.90.

Looking ahead, Egrag predicts that Wave 3 may mark explosive growth, projecting price increases of 800% to 1,000%, potentially bringing XRP to a range of $17 to $20. He notes that Wave 4 could lead to a healthy correction, bringing prices back down to around $6 to $7 before Wave 5 launches the final surge.

At present, XRP has experienced a modest price increase of 1.74% within the last 24 hours, trading at $2.23. However, trading volume has declined by over 58%, now valued at $3.29 billion. Market sentiment remains largely optimistic, especially as the U.S. Securities and Exchange Commission’s looming decision on its appeal case against Ripple could present further opportunities for XRP.

Simultaneously, the crypto community is reacting positively to Trump’s proposal. XRP experienced a spike in value, trading at $2.88, marking a 30% increase within an hour after Trump’s announcement. Solana and Cardano also saw substantial gains, with Cardano rising by 52%, nearing the $1 mark.

While Trump’s initiative underscores a broader acceptance of cryptocurrencies, some lawmakers advocate a Bitcoin-centric strategy. Senator Cynthia Lummis has proposed a legislative push for the U.S. to acquire 1 million Bitcoin as part of a potential national stockpile. She remarked on the importance of states in leading innovation in the sector, suggesting that state-level initiatives may precede federal actions.

The developments in the cryptocurrency landscape illustrate a growing acceptance and strategic positioning within the financial realm, suggesting a potential shift in how digital assets are governed and utilized in the U.S. economy.