XRP, the cryptocurrency associated with Ripple Labs, has experienced a notable price increase recently, rising over 5% in the last 24 hours to reach $2.59. This surge is largely attributed to anticipation surrounding the upcoming White House crypto summit scheduled for Friday, March 7, where President Donald Trump is expected to discuss the establishment of a U.S. strategic crypto reserve. The proposed reserve aims to include cryptocurrencies such as XRP, Solana, and Cardano, alongside Bitcoin and Ethereum.
The announcement of this strategic reserve has generated optimism within the crypto community, as it suggests a more favorable regulatory environment and potential mainstream adoption of these digital assets. However, the inclusion of cryptocurrencies like XRP, Solana, and Cardano has sparked debate among industry leaders. Some, including Coinbase CEO Brian Armstrong, argue that only Bitcoin, due to its decentralized nature and status as a "successor to gold," should be part of such a reserve.
In addition to the summit, other developments have contributed to XRP's recent performance. In late 2024, Ripple received approval from the New York Department of Financial Services to launch RLUSD, a U.S. dollar-backed stablecoin. This approval has been viewed positively by investors, as it positions Ripple to offer more stable and efficient remittance and settlement services, potentially increasing demand for XRP.
Furthermore, collaborations like the one between Archax and Ripple to tokenize real-world assets on the XRP Ledger have demonstrated the expanding use cases for XRP. Such initiatives aim to enhance liquidity and accessibility in traditional financial markets, further integrating blockchain technology into conventional financial systems.
Overall, the combination of anticipated regulatory developments, strategic initiatives by Ripple, and broader market dynamics has contributed to the recent activity and price movements of XRP.