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Following President Trump’s announcement on the Crypto Strategic Reserve on this Truth Social account on Sunday, the entire crypto market has blown skywards. Has this announcement put $ETH, $XRP, and $SOL back on track?
Maybe money talks, but it’s not just Bitcoin that is being considered for the U.S. Crypto Strategic Reserve. It’s in the name. President Trump expressly mentioned $XRP, $SOL, and $ADA in his post on Truth Social, and these cryptocurrencies rocketed accordingly.
$XRP surges 38% on Sunday
Source: TradingView
For the price of $XRP, the Trump announcement was like a turbo booster. The price had been steadily declining since the $3.40 all-time high that was achieved in mid-January. However, it did not take long for the price to crash all the way back down to $1.77 in early February.
A bull market floor looks to have been made since then at $1.95, and this horizontal level was touched again as recently as 28 of February. The Trump announcement had the effect of scorching the price all the way up to the $3 resistance, which was a 38% surge in just one day.
On Monday, the price has since back-tested all the way to the descending trendline. If this is held above, which looks like happening, the $3.40 all-time high will definitely be a target.
$ETH price boosted away from last-ditch support
Source: TradingView
The $ETH price was certainly in a precarious position before Sunday. The bears had the $ETH price on the very brink as it looked as though it could crash down through the major support, as well as the bull market trendline.
While $ETH was not actually mentioned in President Trump’s post on the Crypto Strategic Reserve, it is highly likely to be one of those cryptos that are included. Therefore, a 21% pump from the edge of disaster was warmly welcomed by interested investors.
On Monday, the price has so far returned to perhaps confirm the $2,350 horizontal as support. If this is achieved, and the bulls are able to get behind a potential $ETH breakout, the trend reversal would then become more of a possibility.
$SOL surges away from the jaws of disaster
Source: TradingView
$SOL bulls are arguably the most relieved. At one point last week, the $SOL price was no small matter of around $47 below the bull market trendline. To all intents and purposes it really looked as though the uptrend was going to be lost, and perhaps for the rest of the bull market.
The $SOL price hit its lowest point of $125 on Friday, and then on Sunday, as much as a 25% surge took the price back from the jaws of disaster. This means that a full candle body has still not closed below the ascending trendline. It now remains for the price action over the rest of this week to play out, with the next big directional decision possibly being made at the end of play this coming Sunday.
The Stochastic RSI at the bottom of the chart has the indicators in a great position for a potential crossover that could eventually lead to huge upside price momentum.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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