XRP's Shockwave: Is $5 the Next Target After Trump's Crypto Bombshell?

XRP's price explosion has sent traders scrambling after U.S. President Donald Trump announced the inclusion of the token in the national crypto reserve.

NAIROBI, Kenya, March 14, 2024 – The cryptocurrency market is heating up as rumors swirl about the newly established U.S. Crypto Strategic Reserve, which reportedly includes XRP, Cardano (ADA), and Shiba Inu (SHIB) among its holdings.

As the dust settles on President Donald Trump's surprising announcement, traders are focused on XRP's next move after its staggering surge to nearly $3. The token, which started the year at around $0.17, has seen an incredible run-up, fueled by a strong third wave of the bull market.

If XRP manages to break past the $3.50 resistance, it could open the door for a potential rally toward $5, predicts EGRAG CRYPTO, a well-known market analyst.

However, maximalists are pushing back, with economist Peter Schiff questioning why the U.S. would hold XRP reserves. He argues that only Bitcoin, often called "digital gold," should be in the mix.

In response, Ripple CEO Brad Garlinghouse defended XRP's global adoption and use in cross-border payments.

Technical analysis reveals that XRP has broken out of a descending wedge, a bullish formation that suggests momentum could push the price higher.

The next resistance sits near $3.50, with some analysts predicting a potential rally toward $5 if buying pressure remains strong.

However, overbought signals on the RSI suggest a pullback could happen before the next major move.

Cardano Breaks $1 as Institutional Interest Grows

ADA's dramatic price jump to $1.20 followed a surge in trading volume, which spiked 577% to nearly $4 billion. The rally is fueled by expectations that the U.S. government's involvement could bring more institutional interest to the blockchain.

Moreover, Cardano founder Charles Hoskinson defended XRP's inclusion in the reserve, highlighting its status as "a global standard" with strong community backing.

On-chain data also indicates that Cardano's liquidity is improving, making it more attractive for large-scale investors.

Additionally, Grayscale's ongoing Cardano ETF application with the SEC has heightened speculation that ADA could soon see institutional inflows, further supporting its bullish outlook.

Ali Martinez, a well-known analyst, calls ADA's current position a "make-or-break" moment, with $1.20 as the key level for confirming further upside.

Furthermore, whale activity shows nearly 200 million ADA tokens were accumulated in the last 24 hours, adding to the bullish momentum.

SHIB's March Gamble: Breakout or Breakdown

Shiba Inu (SHIB) is now hovering around $0.0000145, struggling between the potential for a breakout and further decline.

While the meme coin has typically posted strong March performances, its history of inconsistent price action keeps traders cautious.

On average, SHIB has returned 33.7% in March, but the median return of -0.45% suggests gains are far from guaranteed.

Last year, the token surged 145%, but previous Marches saw modest gains of 0.43% or declines as steep as -9.65%.

A break above $0.001707 could push SHIB toward $0.00002045, while failure to hold support may send it back to $0.00001100.

With high volatility expected, traders remain split on whether March will bring another rally or another letdown.