Saylor on XRP: ‘Bullish’ Outlook Emerges After Crypto Reserve Announcement

• Bitcoin maximalist Michael Saylor appears unbothered about the inclusion of altcoins (XRP, ETH, SOL, ADA) in the US Strategic Reserve as he discloses that this is a step in the right direction. 
• Meanwhile, analysts at the investment firm Bernstein justify Bitcoin’s inclusion but question the addition of altcoins. 

MicroStrategy’s Michael Saylor, who is known as a staunch advocate for Bitcoin, was one of the first key figures to comment on the list of assets included in the US Crypto Strategic Reserve. As we covered in our latest report, Saylor highlighted that Bitcoin is the “foundation” of the crypto economy. Interestingly, his subsequent comment suggested that he seemingly endorses the multi-token reserve that includes XRP in a recent conversation with CNBC.

According to him, this initiative is “bullish” for Bitcoin and the broader crypto industry. Additionally, he believes that this progressive approach is the best way to move forward in the industry.

I believe that the best thing for the country is to move forward with an enlightening progressive policy toward digital assets

Meanwhile, Saylor has not always been this positive with XRP. In a 2022 podcast, he stated that XRP is obviously a security, urging the US Securities and Exchange Commission (SEC) to take it down. In another appearance on the PBD Podcast in 2024, he hinted that he would not suggest XRP to clients, as he claimed he is “100% Bitcoin-only.”

The Argument Surrounding the Multi-token Strategic Reserve

While Saylor appears unbothered with the multi-token reserve, analysts at investment firm Bernstein Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia have expressed concerns. According to them, the role of Bitcoin as a digital gold is widely recognized and is increasingly accepted as a legitimate store of value. However, the others, including XRP, lack a clear sovereign rationale.

The idea of the U.S. government holding Bitcoin as part of its reserves is understandable given its comparison to gold as a global store of value. But the inclusion of altcoins like Ethereum and Solana, despite their importance to blockchain infrastructure, lacks a clear sovereign rationale. These assets are highly volatile, deeply tied to specific ecosystems, and are not universally recognized as stable stores of value.

Meanwhile, XRP’s inclusion has been justified by Cardano co-founder Charles Hoskinson, as he believes it has a strong community, longevity, and great technology. As noted in our earlier post, he argued that the asset has survived multiple harsh market conditions over the last decade.

XRP Price Analysis

Regardless of the rising concerns, XRP emerged as one of the biggest winners of Donald Trump’s announcement as it immediately surged by 16% on its 24-hour price chart to trade at $2.6. However, this rally was short-lived as the asset declined by 9% to trade at $2.3. Meanwhile, an analyst identified as Random Crypto Pal believes that XRP could embark on an explosive surge to hit $385.

Shedding more light on this, the analyst pointed out that the asset recorded a staggering 110,233% surge from $0.003 to $3.31 in 2017. With this, he believes that another 99,900% surge could be recorded from the July 2024 low.

According to the analyst, “the chart is clear.” Meanwhile, this level of growth remains improbable in the short term as it would need a market cap of $22.1 trillion. Mathematically, this implies that XRP would surpass the valuation of gold and Bitcoin to become the largest asset by market cap. In a more realistic sense, some market experts have predicted that XRP could hit $15 this cycle, as outlined in our recent blog post.