- XRP surges 20% in 24 hours, trading at $2.68 amid crypto reserve rumors.
- Trump directs Crypto Strategic Reserve, including XRP, SOL, and ADA.
- Market speculates on the US government’s potential purchase of the token.
XRP jumps significantly within the last 24 hours, reaching a trading price of $2.96. This dramatic price movement comes as reports emerge of Trump’s directive to the Presidential Working Group on a Crypto Strategic Reserve. The directive reportedly includes XRP, alongside Solana (SOL) and Cardano (ADA), igniting discussions about the potential for the United States government to acquire these digital assets.
Market observers buzzes with the question: would the US government purchase an unregistered security like XRP? Technical indicators for the altcoin show a potential shift in momentum.
In the 1-day chart, the MACD line crosses above the signal line, Iindicating a bullish crossover, while the RSI lurks around 54.5, paving the way for further upward movement without entering overbought territory.
The combination of these factors, coupled with the Trump administration’s crypto reserve plans, has created a perfect room for XRP’s explosive growth.
XRP’s Government Interest vs. Regulatory Hurdles
While the prospect of government involvement in XRP has injected a wave of optimism into the market, the legal implications of purchasing an unregistered security remain a point of contention. Even though the SEC has not officially declared that the token is not a security, a judge ruled in 2023 that it is not a security in certain transactions.
Following a change in the political landscape and Gensler’s exit, it was widely anticipated that the US regulator under the new regime would drop the appeal. As of now, the SEC’s silence in the Ripple case raises concerns as legal experts question why the agency hasn’t dismissed its appeal.
Any breakthrough would significantly impact the token’s price. A drop in appeal could legitimize it on a global scale. Besides the lawsuit, the mass adoption of RippleNet and On-Demand Liquidity (ODL) by banks and payment providers could increase the token’s demand.
Investors are closely monitoring developments, anticipating further announcements from the White House and the Presidential Working Group. The market’s reaction to these developments will undoubtedly shape XRP’s future trajectory.