US President Donald Trump’s proposed crypto reserve has had a mixed impact on the market. Two digital assets, XRP and Cardano (ADA), have surged since his election on November 5, gaining 375% and 163% respectively. Bitcoin has lost some of its post-election gains, while Ethereum and Solana have fallen significantly.
The change in regulatory environment is attributed to a recent overhaul of the Securities and Exchange Commission (SEC). The agency has dropped enforcement actions against leading crypto firms, including Coinbase and Kraken. This move has made it easier for XRP and ADA to operate without significant regulatory threats.
XRP and ADA’s gains are largely due to the removal of existential-level regulatory threats under the previous SEC leadership. According to Matt Hougan, CIO of Bitwise Asset Management, both assets had no shot at succeeding under the prior Commission.
In contrast, Bitcoin is trading at about $86,700, up 29% from its November levels, but still down from its all-time high in January. Dogecoin, Solana, and Ethereum have also seen significant declines in recent days, with their prices falling by double digits in the past 24 hours.
Geoff Kendrick, global head of digital assets research at Standard Chartered, notes that XRP’s jump was largely due to the resolution of Ripple’s court battle against the SEC. Cardano’s surge is attributed to its inclusion in Trump’s proposed reserve, which may have boosted its chances of success despite not being named by Trump initially.
Source: https://decrypt.co/308673/trumps-crypto-picks-face-reality-xrp-ada-hold-gains-as-majors-slide