Before the White House Crypto Summit that happened on Friday, 8 March the market was on an upside trajectory, anticipating bullish news from the summit. As excitement was brewing for tokens like XRP, Solana, or Cardano, which were briefly mentioned by President Donald Trump as potential assets to be added to their crypto reserve, crypto users were expecting positive news.
The market has since dipped to a lower level than expected, with a 23% fall from its all-time high. However, the Ripple army didn’t get the news they wanted. Following the White House Crypto Summit, no other asset was mentioned to be added to the Crypto Reserve.
In fact, Donald Trump made it clear that only Bitcoin and Ethereum would be part of their asset reserve – essentially shutting down rumors of other altcoins cutting. Following the summit, in which you can read an entire overview of key talking points, the market, including XRP, experienced a massive drop as traders sold the news.
Cooling Off Before The Blast
The results from the summit left some investors disappointed since there was no indication that the US would purchase any additional crypto – not yet, at least. Now, much of Trump’s post-election gains have disappeared, with the market returning to its “starting point.”
Even so, XRP has been one of the top performers in the past year, reaching an all-time high of $3.40 in January. Even with the ongoing SEC case, which is more likely to be dismissed as most of the crypto’s ongoing investigations have been dismissed.
Now, traders and crypto users are looking at how the Trump administration will handle crypto and whether they will consider other tokens as Trump indicated. For now, it’s all speculation, but given the president has already launched their own tokens, he may fully understand how valuable altcoins like XRP or Solana are.
Whether Trump’s crypto push will be enough to sustain long-term growth for XRP and its counterparts remains to be seen, but for now, both the stock and the crypto market are cooling off as an ongoing economic war.
NFT Gaming Specialist
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Vlad has been active in the crypto space since early 2013 with a hands-on approach since late 2017. His focus has always been being able to showcase the value crypto brings to our digital landscape. That’s why he tried almost every possible category from mining to NFT and ICOs – back in the day. In short, he enjoys every part of the blockchain space, from the community to the nitty gritty technological details.
