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Highlights
- XRP price wavered after an analyst argued that Ripple was not neutral to be included in Strategic Crypto Reserves.
- Analysts believe that only Bitcoin is neutral enough to be added into these reserves.
- XRP price has formed a head and shoulders pattern, pointing to a breakdown.
XRP price remained on edge on Friday as crypto investors waited for Donald Trump’s crypto summit, in which Brad Garlinghouse, Ripple CEO, will be one of the top attendees. Ripple wavered as crypto analysts debated whether it should be added in the Strategic Crypto Reserve, with one of them arguing that it was not geopolitically neutral.
XRP Price Wavers as Analyst Blasts Odds of Ripple Being in Strategic Reserves
Donald Trump’s decision to include USA coins into Strategic crypto reserves has ignited XRP price rally and debate in the crypto community.
In a recent X post, Garlinghouse argued that strategic crypto reserves should include multiple coins. He pointed to the fact that he was a big advocate for a level playing field instead of pitting one token against another. He also argued that maximalism was the real enemy of crypto progress.
In a response, Willy Woo, a popular crypto analyst, argued that the reserves should only be Bitcoin. He argued that BTC was geopolitically neutral and that many countries would find it difficult to buy XRP reserves. He said:
“Dear CEO of XRP, living in the US, tell me which countries would buy US-controlled XRP if the strategic reserve needed to be put to work. BTC is a geopolitically neutral asset like Gold. You’re gaslighting people into thinking XRP is a strategic reserve asset.”
Other popular players in the crypto industry have argued against including other altcoins in these reserves. For example, Tyler Winklevoss, the CEO of Gemini argued that an asset needed to be “hard money” that is a proven store of value like gold.
The inclusion of Ripple in strategic crypto reserves would be a bullish catalyst for XRP’s price as it would lead to more purchases by the government and US-based corporations.
Notably, such a move would happen as the Securities and Exchange Commission considers whether to approve a spot XRP ETF. According to JPMorgan, a XRP ETF would attract over $8 billion in inflows in the first year.
Ripple (XRP) Technical Analysis: H&S Pattern Points to a Crash
The daily chart shows that Ripple (XRP) price has largely moved sideways in the past few months. This is a big difference from when it went parabolic in November.
There is a risk that the coin will have a bearish breakdown in the next few days, as it has formed a head-and-shoulders pattern. The head is at the year-to-date high of $3.416, while the shoulders are at $2.73, which coincides with the 23.6% retracement level. The neckline is at $1.96.
Therefore, there is a risk that the XRP price will have a bearish breakdown in the coming days. This view will become valid when the coin drops below the neckline at $1.9615. Such a move will point to more downside, potentially to %1.1340, the 78.6% retracememt level.
A move above the right shoulder at $2.73 and the psychological point at $3 will invalidate the bullish Ripple price forecast and point to more gains to last year’s high of $3.41.
Frequently Asked Questions (FAQs)
1. What is the outlook of XRP price as doubts on Strategic Crypto Reserve rise?
2. What are the top Ripple price targets?
3. Can XRP price still hit $5?
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