The prices of XRP, Solana (SOL), and other cryptocurrencies have skyrocketed after it was announced that the aforementioned tokens would be part of a strategic cryptocurrency reserve in the U.S.
The price of Cardano (ADA) has soared by an eye-popping 33% in mere minutes, surpassing the $0.60 level.
The price of the Ripple-affiliated XRP token has also surged by a whopping 12% following the announcement, currently approaching the $2.5 mark on the Binance exchange.
Solana (SOL) has also logged a double-digit price spike following the announcement.
As reported by U.Today, Ripple was lobbying for a multi-token strategic reserve that would include XRP. This did not sit well with many Bitcoin advocates who were advocating for a pure BTC one.
The crypto reserve is supposed to make the U.S. the “crypto capital” of the world, according to the announcement.
Even though a Bitcoin reserve is likely no longer happening, the price of the cryptocurrency has still spiked by nearly 4%. It is approaching the $89,000 level at press time.
Overall, roughly $160 million worth of crypto has been liquidated over the past hour alone, according to CoinGlass data. Long positions, of course, account for the vast majority of liquidations.
