The XRP token beat Tether to claim the title of the third-largest crypto after Bitcoin and Ethereum. The token now has a $166.49 billion market cap, more than 14% of Tether’s at $142.43 billion.
XRP has surged by over 30% following President Donald Trump’s post on his social media platform, Truth Social. In his post, Trump claimed he directed the inclusion of the XRP token in the Crypto Strategic Reserve.
The president‘s message seems to have ignited investor confidence in the token, driving buying activity.
Donald Trump says he directed the inclusion of XRP, SOL and ADA tokens in the Crypto Strategic Reserve
As part of his plan to make the US the crypto capital of the world, Trump had previously suggested the institution of a national crypto reserve.
This Sunday, Trump made further comments on his reserve plans on Truth Social, saying:
A U.S. 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.
President Donald Trump
Following his post, XRP jumped 32%, ADA grew 62%, and SOL rose by almost 25%. Meanwhile, BTC climbed 10% in the last 24 hours, trading above $91,000, breaking past $80,000 to the $84,000 range. ETH also crossed $2,400, increasing by 13%.
Aside from these crypto gains, analysts believe Trump’s decision will continue to drive more bullish momentum in the market. Some have even suggested it could spur institutional and government adoption.
Digital asset prices first started picking up on Friday when Trump announced the March 7 crypto summit.
XRP could trade as high as $3.40 if its bullish rally persists
The Price DAA Divergence metric suggests a buy on the XRP token as the asset price has risen along with investor participation. Moreover, the number of active addresses is up, which means that new traders are engaging with the asset. All of these point to growing investor confidence in XRP, which in turn could help drive its prices higher. In addition, the Chaikin Money Flow (CMF) indicator shows that investors are still buying XRP, which could signal further price increases in the next few weeks.
XRP is currently trading at $2.85, poised to break through the $2.95 resistance and move further up to $3.00.
Furthermore, analysts expect that if XRP is able to move above its resistance levels, it could trade as high as $3.40, which could attract more investors and buying pressure.
However, if investors begin to cash out their gains early and the token’s momentum slows, the asset may fail to surpass its $2.95 resistance and dip to $2.70. If this happens, it may end its bullish rally temporarily before any more price movements surface.
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Source: https://www.cryptopolitan.com/xrp-overtakes-tether-as-the-third-largest/