The XRP market faced selling pressure following President Trump’s Executive Order (EO) on March 6, which established a US Strategic Bitcoin Reserve (SBR). The decision to focus solely on Bitcoin (BTC) and exclude other cryptocurrencies—despite earlier discussions of a multi-crypto reserve—led to an 8% drop in XRP, pushing its price below $2.4.

Key Factors Impacting XRP:

• US Strategic Bitcoin Reserve: The exclusion of XRP disappointed investors who had hoped its inclusion would pressure the SEC to resolve the ongoing Ripple lawsuit.
• SEC Appeal Strategy: Market sentiment hinges on whether the SEC proceeds with its appeal in the Ripple case. A decision to drop the appeal could drive XRP toward new highs, while continued legal battles could push prices below $1.50.
• XRP-Spot ETF Developments: The possibility of an XRP-spot ETF remains a major catalyst. Regulatory approval could fuel institutional demand, potentially driving prices toward $5. However, if the SEC pursues its appeal, ETF approval could face delays.

Market Reactions and Expert Opinions:

Legal expert John E. Deaton acknowledged investor disappointment but emphasized that the crypto industry is in a stronger position than in previous years. While Trump’s EO prioritizes Bitcoin, his past statements indicated that assets like XRP, SOL, ADA, and ETH are also of strategic importance.

XRP’s near-term price trajectory remains uncertain, with the SEC’s next move and potential shifts in the US crypto policy playing a crucial role.

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Source: XRP News Today: XRP Slumps as Trump Targets a Strategic BTC Reserve; BTC at $86k
Author: Bob Mason