Will Trump's Crypto Reserve Keep XRP Price Above $3?
A few days ago, US President Donald Trump signed an executive order to create the Strategic Cryptocurrency Reserve. Some elements of the executive order surprised many crypto enthusiasts, as it advocated the inclusion of XRP, Solana, and Cardano, along with Bitcoin, in the reserve.
XRP’s 8.6% seven-day gain suggests that the price has benefited from Trump’s actions. However, the current market sentiment does not look positive. In the past 24 hours alone, XRP has dropped more than 5.2%. It appears that the market has lost some of its initial excitement.
Notably, experts point out that there is little chance that Trump’s strategic cryptocurrency reserve plan will receive congressional approval. The question is: will the uncertainty surrounding Trump’s reserve plan affect XRP?
XRP and Trump's Crypto Reserve Fund
The overall trend for XRP has been positive this week. Over the past seven days alone, XRP has increased by about 8.6%. At the beginning of March 1, XRP was priced at $2.14. In the first two days of the month alone, the price has increased by more than 35.51%.
At one point on March 2, XRP even touched $3. On March 3, the price dropped to a low of $2.38. Although XRP managed to recover from the correction with an 8.82% gain from March 4 to 6, it has seen a sharp drop of 4.9% in the last 24 hours.
The above price action clearly shows that XRP reacted positively to Trump’s announcement regarding the US strategic cryptocurrency reserve, although this positive trend only lasted for a short time.
Macroeconomic Headwinds Curb XRP’s Growth Momentum
Yesterday, at least two important economic data releases took place in the United States. The US non-farm payrolls index rose from 125K to 151K – well below the expectation of 160K.
The US unemployment rate rose from 4% to 4.1% in February. It is expected to remain at 4%.
Economic events show that the macroeconomic outlook in the United States is not very impressive. Experts say that concerns about inflation and Federal Reserve policy have caused crypto investors to “reduce their risk appetite.”
JPMorgan’s Doubts About Approving Crypto Reserve Fund Affect Sentiment
Recently, Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan, stated that the chances of Trump's strategic cryptocurrency reserve fund receiving congressional approval are less than 50%. He said that if the US strategic cryptocurrency reserve fund is approved, it will be difficult to include tokens other than Bitcoin and Ethereum.
This clearly explains why the initial excitement following Trump’s crypto reserve fund announcement did not last long. Reports indicate that many traders took profits on XRP at around $3.
XRP Prediction: Uncertainty Prevails
Currently, the price of XRP is at $2.35. Analysts warn that if selling pressure increases, the price could drop to as low as $1.95.
According to some analysts on X, if XRP can hold above $2.47 and increase buying volume, it could move towards $3.20. However, there is still strong resistance at $2.99.