Crypto Market Shaken: Tariff War Hits ETH, XRP, And SOL Hard
The cryptocurrency market rallied over the weekend following President Donald Trump's announcement of a "Crypto Strategic Reserve" that will include Solana (SOL), XRP, and Cardano (ADA). XRP surged by 32%, Solana by 27%, and Cardano also saw gains. However, these gains quickly faded, with XRP losing 18%, Solana down 20%, Ethereum (ETH) down 25%, and Cardano dropping 25% within 24 hours. Bitcoin briefly rallied by 11% but then declined by 10%. Trump's announcement of a 25% tariff on goods from Canada and Mexico raised concerns among investors. Details about the Crypto Strategic Reserve remain unclear, with no timeline or financing information provided. Coinbase CEO Brian Armstrong suggested a Bitcoin-only reserve might be simpler, while others advocate for a diversified approach. XRP is currently consolidating at $2.30, significantly below its 2018 high of $3.40.
