The prices of XRP, Solana (SOL), and other cryptocurrencies have skyrocketed after it was announced that the aforementioned tokens would be part of a strategic cryptocurrency reserve in the U.S.
The price of Cardano (ADA) has soared by an eye-popping 33% in mere minutes, surpassing the $0.60 level.
The price of the Ripple-affiliated XRP token has also surged by a whopping 12% following the announcement, currently approaching the $2.5 mark on the Binance exchange.
Solana (SOL) has also logged a double-digit price spike following the announcement.
As reported by U.Today, Ripple was lobbying for a multi-token strategic reserve that would include XRP. This did not sit well with many Bitcoin advocates who were advocating for a pure BTC one.
Gamza KhanzadaevThe crypto reserve is supposed to make the U.S. the "crypto capital" of the world, according to the announcement.
Even though a Bitcoin reserve is likely no longer happening, the price of the cryptocurrency has still spiked by nearly 4%. It is approaching the $89,000 level at press time.
Overall, roughly $160 million worth of crypto has been liquidated over the past hour alone, according to CoinGlass data. Long positions, of course, account for the vast majority of liquidations.
Dan Burgin
Vladislav Sopov