XRP Price Drop 12% Despite Trump's Crypto Reserve Announcement

XRP, the native cryptocurrency of the Ripple network, has experienced a recent downturn, with its price dropping by approximately 12% today. This decline comes after a brief period of optimism following Donald Trump's announcement of a US Crypto Reserve, which included plans to incorporate US-issued assets like XRP, SOL, and ADA into the Strategic Reserve. However, the crypto market's recent crash has dampened this enthusiasm.

Despite the recent price fluctuations, market analysts remain optimistic about XRP's long-term prospects. A recent analysis by an unnamed analyst predicts a significant rally in XRP's price, with the coin potentially reaching $30 by May 2025. This prediction is based on technical indicators and a potential weekly channel formation similar to the one observed in 2017. During that cycle, XRP's price surged by 2,500% from the low end of the channel to the blow-off top. The analyst believes that history may repeat itself, with XRP's price targeting the Fib 1.618 level, between $27-$33.

Adding to this optimism is Donald Trump's recent announcement, which has fueled investor confidence in XRP. Trump's close ties with Ripple officials and the potential inclusion of XRP in the Strategic Reserve assets have further bolstered the coin's prospects. However, it is essential to consider the potential risks and exercise due diligence when investing in XRP.

While the recent crypto market crash may have dampened short-term sentiment, the analyst's prediction suggests that XRP price could surge within the next 28 days, potentially reaching $30 by May 12, 2025. However, another renowned market analyst, Ali Martinez, has warned of a potential correction to $1 for the crypto if it falls below the crucial support of $2. This highlights the importance of careful consideration and risk management when investing in volatile markets like cryptocurrency.