Crypto Market Shaken: Tariff War Hits ETH, XRP, And SOL Hard

The cryptocurrency market saw a surge over the weekend after President Donald Trump announced the inclusion of Solana (SOL), XRP, and Cardano (ADA) in a future national “Crypto Strategic Reserve.” This news provided relief to a market that was facing challenges such as a memecoin debacle, a major hack, and tariff uncertainties.

Initially, the announcement led to significant gains for XRP, Solana, and Cardano. However, these gains were short-lived as the market experienced a decline in the past 24 hours, with XRP, Solana, Ethereum, Cardano, and Bitcoin all dropping in value.

The establishment of the Crypto Strategic Reserve by Trump remains vague, leaving investors and industry leaders awaiting further details. The upcoming cryptocurrency summit at the White House is expected to provide more clarity on the administration’s plans.

While some industry leaders advocate for a multi-asset reserve, Coinbase CEO Brian Armstrong suggested that including only Bitcoin might be a simpler and more effective approach. He proposed a market cap-weighted index of crypto assets as an alternative for diversification.

Overall, the cryptocurrency market remains volatile, with XRP consolidating at $2.30 after experiencing a significant drop from its record high. Investors are looking for diversification in their crypto holdings, and the upcoming summit is expected to shed light on the future of the market.