XRP (CRYPTO: XRP) has seen big volatility over the last week, but it's still posted substantial gains across the period. The cryptocurrency's token price was up 6.7% over the last seven days of trading as of 5:45 p.m. ET Saturday.
XRP, sometimes known as Ripple, posted explosive gains last Sunday after President Trump named the token as a cryptocurrency that would be included in a U.S. digital-asset reserve project. Even though its token price lost ground as investors took profits and weighed the impacts of the reserve inclusion, the news has still been a positive catalyst for the crypto.
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XRP initially posted huge gains on the digital-asset reserve news
Last Sunday, Trump said that XRP would be a part of the first-ever U.S. digital asset reserve alongside Bitcoin, Ethereum, Cardano, and Solana. The news powered big gains for the token prices of each of these cryptocurrencies -- although each token has also seen a substantial pullback following the announcement.
Trump then signed an executive order yesterday that created the reserve, using 200,000 Bitcoin that had been held by the U.S. government following legal seizures as its first holdings. The president also held a cryptocurrency summit at the White House and discussed plans for future support of the crypto industry, but yesterday's news had a comparatively muted impact on valuations.
What's next for XRP?
XRP will likely continue to see substantial valuation swings in conjunction with macroeconomic and political catalysts. The token is still up roughly 278% over the last year, but it's also pulled back 28% from its high as investors have become more cautious about the broader economic backdrop and reduced exposure to high-risk, high-reward speculative plays. The read on inflationary trends and the outlook for interest rates are poised to be major valuation catalysts in the near term.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Cardano, Ethereum, Solana, and XRP. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
