Altcoin
SOL, XRP, ADA Surge As Donald Trump Announces Strategic Reserve
While conversations for a Bitcoin Strategic Reserve have been swirling in crypto circles, US President Donald Trump has confirmed his administration’s intention to proceed with the offering. Rather than put all its eggs in one basket, Trump is eyeing a Crypto Strategic Reserve including altcoins XRP, SOL, and ADA.
President Trump has announced plans to launch a US Crypto Reserve that will include BTC, XRP, SOL, and ADA. The President has since directed the Presidential Working Group on Digital Assets Market to proceed with the establishment of a Crypto Strategic Reserve.
“A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” said Trump on X.
This is a developing story.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market today (March 3) has reignited bullish sentiments among traders and investors globally. Bitcoin (BTC) price tapped a $95K high intraday, whereas Ethereum (ETH), Solana (SOL), & XRP prices gained 9%-25%. Notably, the broader bullish action comes amid U.S. President Donald Trump’s recent backing for a strategic crypto reserve that includes XRP, SOL, and ADA.
Crypto Market Today: BTC, ETH, XRP, & SOL Jump Amid Trump’s Crypto Reserve Saga
The global crypto market cap rose substantially by over 8% in the past 24 hours, regaining a break above $3 trillion. Further, the total market volume also skyshot 141% over the past day, reaching $185.95 billion.
Intriguingly, the broader market shows bullish actions primarily as the pro-crypto president is backing a crypto reserve in the U.S. As per a recent Forbes report, a crypto strategic reserve that includes XRP, SOL, and ADA is eagerly awaited nationwide, as indicated by Trump. Notably, this event emerged as potential buy-the-dip news for investors.
BTC Touches $95K High
As of press time, BTC price gained over 8% and exchanged hands at $92,759. The flagship coin hit a 24-hour low and high of $85,040.21 and $95,043.44 in the past 24 hours. Notably, BTC futures OI surged 7% to $54.74 billion today, signaling renewed market interest in the coin that triggered a bullish action. Nevertheless, Bitcoin’s dominance was down by 0.3% over the day, indicating altcoins gained harder.
ETH Price Jumps 10%
ETH price soared over 10% in the past 24 hours and closed in at $2,446. The coin hit a bottom and peak of $2,175.32 and $2,548.81 in the past 24 hours. Ethereum rises alongside a 6% surge in its futures OI to $21.17 billion, underscoring rising market interest. Nevertheless, Ethereum’s market dominance remained down to 9.6%.
XRP Price Shoots Up 24%
Ripple’s XRP led the broader market gains today, rallying 24% to $2.79. The coin’s intraday low and high were $2.23 and $2.97, respectively. XRP futures OI soared 38% over the day, reaching $4.33 billion. Overall, Ripple’s coin leverages renewed market interest amid Donald Trump’s crypto reserve backing.
SOL Price Rockets 18%
Simultaneously, SOL price witnessed an 18% uptick in the past 24 hours, closing in at $170 in sync with broader trends. The coin hit a bottom and a peak of $140.30 and $178.63 in the past 24 hours. Solana futures OI gained over 14% in a day, reaching $5.01 billion.
Meme Crypto Market Reflects Bullishness
Dogecoin (DOGE) price was up by 10% in the past 24 hours, trading at $0.2272. Also, Shiba Inu (SHIB) price followed, up nearly 6% to $0.00001451. Pepe Coin (PEPE) price sky shot nearly 10% to reach $0.000008508.
Top Crypto Market Gainers Today
Cardano (ADA)
Price: $1.05
24-Hour Gains: +59%
Onyxcoin (XCN)
Price: $0.01982
24-Hour Gains: +26%
Cronos (CRO)
Price: $0.09035
24-Hour Gains: +22%
Top Crypto Market Losers Today
Maker (MKR)
Price: $1,524
24-Hour Loss: -6%
Celestia (TIA)
Price: $3.97
24-Hour Loss: -5%
Berachain (BERA)
Price: $8.24
24-Hour Loss: -1%
In conclusion, the broader market mirrors a bullish action primarily as the pro-crypto U.S. President revealed plans for a strategic crypto reserve, including SOL, ADA, and XRP. Traders and investors continue to anticipate further gains, given the market sees such a feat moving ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The US Securities and Exchange Commission (SEC) is inching toward bringing down the curtain on its case against Ripple Labs for the sale of unregistered securities. However, several bottlenecks stand in the way of a swift resolution for the Ripple SEC Case but there appears a way out for both parties.
An Injunction By Judge Torres Complicates Matters For Both Parties
According to a post by Attorney Jeremy Hogan, the delay in bringing the Ripple SEC case to a close lies with an injunction imposed by Judge Analisa Torres. In her landmark judgment, District Judge Torres previously restrained Ripple Labs from selling securities to the public subject to certain conditions.
The presence of the injunction could hurt Ripple Lab’s chances of proceeding with an IPO in the future, a position that appears unacceptable to the firm. Hogan says Ripple Labs’ attempt to ask the court to disregard the injunction is the primary source of delay for a dismissal.
“How do you dissolve an injunction?” read Hogan’s X post. “It’s not simple, which is why I think the case doesn’t resolve until April-May whereas all these other cases have already been dismissed.”
The Commission’s dismissals of Coinbase’s case and shuttering enforcement action against Gemini have triggered speculation that the end is in sight for the Ripple SEC case.
A Way Out For The Ripple SEC Case
Asking the court to ignore its injunction because the parties have settled is an uphill task in the Ripple SEC Case. Rule 60 of the Federal Rules makes provision for relief for a judgment in special circumstances in light of new facts or errors.
However, the injunction hinges on the Howey test, a longstanding US Supreme Court Law, making it difficult for the court to set aside the injunction. Hogan notes that if Ripple Labs can present a powerful argument for the court, the judge may use her discretion to set aside the injunction. Following a closed-door meeting with the SEC, Ripple Labs is in the endgame of its legal battle with the security watchdog.
“Ripple only has one shot at getting the injunction dissolved with the trial court so it will have to draft a very carefully worded motion,” said Hogan. “That takes time and the SEC will basically have to sign off on it – more complication.
Hogan predicts that parties will dismiss their appeals in April, effectively bringing an end to the drawn-out legal saga in May. In upbeat news, XRP made the cut for the US Crypto Strategic Reserve following an announcement by President Donald Trump.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As the markets break into a frenzy following President Trump’s executive order for a Crypto Strategic Reserve, BNB is noticeably absent from the announcement. Binance founder Changpeng Zhao (CZ) is eyeing the addition of BNB to the Strategic Reserve at a later date while urging community member to remain chill.
BNB Fails To Make The Cut For Strategic Reserve
US President Donald Trump has issued an executive order for the establishment of a Crypto Strategic Reserve after weeks of speculation. The announcement extends the composition of the reserve beyond Bitcoin (BTC) to include a raft of altcoins including XRP, SOL, and ADA.
While the altcoins are part of the top 10 cryptocurrencies by market capitalization, the absence of BNB has raised eyebrows in certain quarters. BNB, with its $86 billion, market capitalization did not make the cut for the US Crypto Strategic Reserve, sparking theories for the exclusion.
Amid the altcoin rally, BNB has recorded only a modest bump in prices, rising by 3.3%. XRP, SOL, and ADA are basking in double-digit gains while BTC price has surged past the $90K mark following Trump’s announcement.
Binance Founder Urges BNB Holders To Chill, Eyes Future Inclusion
CZ, in a post on X, theorizes that the initial cryptocurrencies selected by Trump to join the Crypto Strategic Reserve are “clearly US coins.” The Binance founder argues that the US will want to test the waters with coins launched by US founders like Ripple CEO Brad Garlinghouse before expanding to other cryptocurrencies like BNB.
“This round is clearly US coins,” said CZ. “Kudos to them for moving things forward.”
He urged community members to remain “chill” and not overanalyze the decision to exclude BNB from the Crypto Strategic Reserve. CZ says Trump’s announcement that “other valuable cryptocurrencies” will be hints at future inclusion but the statement only namechecks BTC and ETH.
The Binance founder adds that other countries will roll out their Crypto Strategic Reserves in the coming months, hinting that their establishment will include BNB.
“More valuable crypto are likely to be added over time,” said CZ, citing Trump’s statement. “More countries will follow.”
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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