Why XRP Is Sinking Today
Since late afternoon yesterday, XRP (CRYPTO: XRP) traded nearly 6% lower as of 1:05 p.m. ET today, seemingly due to news about the creation of the U.S. Strategic Bitcoin Reserve, which failed to excite investors hoping for more from the initiative.
President Donald Trump announced the creation of a U.S. Strategic Bitcoin Reserve and a Digital Asset Stockpile. Investors have been excited about this because they believed that if the U.S. government began buying massive hoards of certain cryptocurrencies, the price of those tokens would surge. XRP had previously been cited as one of the cryptocurrencies included in the stockpile.
However, investors found themselves looking for more. Both the strategic reserve and stockpile will be capitalized by tokens already obtained through the U.S. Treasury Department through forfeiture. The order also stated that while officials could purchase more Bitcoin under certain circumstances, they will not purchase additional tokens for the Digital Asset Stockpile.
Source Fool.com
