Why XRP (Ripple) Is Plummeting Today
The crypto token XRP (CRYPTO: XRP) is falling on Monday. As measured from Friday at 4 p.m., XRP is down 15.7% as of 12:50 p.m. ET and was down as much as 16.5% earlier in the day. The drop comes as the S 500 lost 2.3%, and the Nasdaq Composite lost 3.6%.
XRP is falling after the White House hosted a crypto summit that disappointed investors.
President Donald Trump's hotly anticipated crypto summit on Friday didn't amount to much in the eyes of most investors. Nothing significant was added to the executive order Trump signed ahead of the summit establishing a Bitcoin strategic reserve. And while the reserve sounds like it would be a boon for the crypto market, the devil is in the details. The reserve will only utilize Bitcoin obtained through criminal and civil forfeiture proceedings. The government will not purchase any Bitcoin itself as many had hoped.
Source Fool.com
