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XRP Price Analysis: Will Trump’s Crypto Reserve Keep XRP Above $3?
The recent executive order by US President Donald Trump to create a Crypto Strategic Reserve has sent shockwaves throughout the cryptocurrency market, particularly for Ripple (XRP). The token’s price surged initially, reaching as high as $2.99 and breaking above the crucial $3 mark. However, the excitement has since dissipated, with the price plummeting by over 5.2% in just 24 hours.
Prior to Trump’s announcement, the XRP market was already displaying signs of positivity, climbing approximately 8.6% in the last seven days alone. This upward trend was largely attributed to the news surrounding the executive order. The token’s price even briefly touched $3 on March 2, before correcting downwards by around 11.9%. Despite this correction, the market still maintains a positive bias.
The primary driver behind XRP’s growth seems to be the inclusion of XRP in Trump’s strategic crypto reserve plan. It appears that market participants have begun to speculate about the potential implications and benefits associated with the token being part of such an initiative.
However, more recent events may have tempered this enthusiasm. The release of two crucial economic indexes has resulted in concerns about inflation and Federal Reserve policies, leading to a reduction in risk appetite among crypto investors. This shift in sentiment has led to increased selling pressure, which is likely responsible for the token’s current decline.
It remains unclear whether Trump’s executive order will ultimately lead to congressional approval or not. Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan, recently expressed skepticism about the possibility of other tokens being included in such a reserve, stating that it would be challenging for any token other than Bitcoin and Ethereum to gain acceptance.
With this level of uncertainty surrounding the project’s likelihood of success, it is difficult to predict with certainty whether XRP will manage to hold above $3. While there exists some potential for the token to regain ground if buying volume increases and it can maintain support at $2.47, strong resistance near the $2.99 level may prove a significant hurdle.
At present, XRP’s price is stuck at around $2.35, which raises questions about its future trajectory. If the token fails to break above this level, the risk of a deeper correction increases. Conversely, if buying pressure can be sustained and it manages to breach the $3 mark once again, the token may have more room for growth.
Ultimately, XRP’s fate is closely tied to the outcome of Trump’s executive order. Until then, investors will need to remain vigilant and prepared for any possible market fluctuations that may arise from this uncertainty.
Source: https://coinpedia.org/news/xrp-price-analysis-will-trumps-crypto-reserve-keep-xrp-above-3/
