Why Did XRP, Solana, and Cardano Drop Despite Trump’s Crypto Push?

XRP, Solana, and Cardano, the three altcoins among the cryptocurrencies that Trump announced as part of a new US strategic reserve of cryptocurrencies, are facing a downward momentum despite an earlier excitement. The US President has announced a Bitcoin Strategic Reserve, excluding major altcoins like XRP, Solana (SOL), and Cardano (ADA).

According to CoinMarketCap, XRP, SOL, and ADA traded for $2.53, $146, and $0.8831, respectively, at the time of publication. The prices represent a 2% and 5% decline in the daily price chart, respectively.

The latest move by the US administration triggered a sharp sell-off, wiping out recent bullish momentum. The crypto market, which had anticipated a diversified reserve, now faces uncertainty as traders look toward the upcoming White House Crypto Summit. At the time of publication, the global market valuation was down 1.45% to $2.93 trillion, according to CoinMarketCap.

Altcoins Plunge as Strategic Reserve Focuses on

BitcoinTrump’s decision to limit the U.S. government’s crypto reserve to Bitcoin, apart from seized non-BTC assets, sent shockwaves through the market.

Over the past 24 hours, XRP, Solana, and ADA reversed gains from earlier optimism that a broader set of tokens would receive government backing. Bitcoin itself was not immune, dipping 1% from a 24-hour high of over $93,000 to around $88,000.

Meanwhile, Dogecoin had briefly surged earlier in the week following the New York Stock Exchange Arca’s filing for a DOGE exchange-traded fund (ETF) from Bitwise, Coindesk reported. Some traders had speculated that DOGE might be included in Trump’s strategic reserve, fueling a more than 10% price jump. However, with no official inclusion in the reserve, those gains quickly faded, and DOGE joined other altcoins in a sharp decline.

The market is rattled, and attention now turns to the White House Crypto Summit scheduled for March 7. However, expectations remain low. Despite skepticism, some market participants see potential surprises.

Trump’s Crypto Reserve Move Marks Policy Shift

Trump’s social media post earlier this week naming Bitcoin, Ethereum, XRP, Solana, and Cardano as part of the reserve had initially spurred market optimism. However, his later clarification that only Bitcoin would receive active government backing while other assets would be limited to seized holdings dampened enthusiasm.

For now, crypto traders are adjusting their strategies amid continued volatility. While Bitcoin remains the central focus of Trump’s reserve plan, altcoins struggle to regain momentum.

All eyes are now on the White House Crypto Summit for any unexpected policy shifts that could restore investor confidence. Until then, the market remains on edge, with traders wary of further downside risks.