Charles Hoskinson, founder of Cardano, shared his positive views around XRP, Ripple’s coin, during a rare moment of appreciation. This was during the shock inclusion of both XRP and Cardano in Donald Trump’s proposed U.S. Crypto Strategic Reserve.
The Entire Debates Surrounding XRP
Everyone seemed confused as to why XRP was a suitable candidate to be included in this list. Here, Peter Schiff, a gold advocate and extremely skeptical towards crypto, posed a challenge and questioned the validity of its presence.
He further elaborated that as Bitcoin is being referred to as digital gold, it does make some sense for it to be included in this reserve and that he does not understand what purpose XRP serve.
In his defense, however, Hoskinson mentioned that XRP has proven its competition over the years. He also argued about the technology, XRPs specific global reach and ability to endure difficult cycles in the market.
He put an additional point forward by stating that the strength of the XRP community is unmatched and is one of the most veteran-dedicated communities in the crypto world. In conclusion, he mentioned that the decision to include XRP on the reserve was justified.
Trump’s Crypto Reserve Plan
Trump’s announcement on Sunday stunned the market as he declared that the U.S. government would be building up a reserve of digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano.
This was a complete reversal of the United States’ attitude towards cryptocurrencies, indicating a potential acceptance of digital assets at the federal level.
Like other assets, the affected tokens immediately shot up in price as the snap after the news was released will have garnered countless investors that would set on government adoption.
Also Read: U.S. Crypto Task Force Eyes Creation of National Bitcoin Reserve, Reports Bernstein
XRP’s Price Actions
One of the highest beneficiaries was XRP, which Trump set in motion as the token’s value increased a staggering 18% in the next 24 hours, reaching $2.65, which meant the market cap for XRP stood at an astonishing figure of $153.61 billion.
What is more eye-catching is that the trading volume grew by 570%, a figure representing the surge of interest from investors.
Many other cryptocurrencies on the list also enjoyed the positive movement; Bitcoin extracted $90,000 or more, Ethereum slowly gained, and Cardano’s price gained significantly. The anticipation turned out to be accurate as the entire market was struggling with pessimism and gloom for the past few weeks.
The Bigger Picture
There are more general concerns when XRP and other cryptocurrencies are included in a possible U.S. reserve. Is this just a political ploy, or will the administration implement these plans? Sceptics contend that these plans might not become a reality in the absence of unambiguous legislation.
Whatever the result, the market’s response demonstrates that cryptocurrency is still a hot topic in both political and financial discourse.