- Charles Hoskinson defended XRP, citing its resilience, as XRP surges by 14.77% to $2.9676 before retracing to $2.59 on high volume.
- Support at $2.50 is critical, while resistance at $3 could lead to a FOMO-driven buying if broken with confirmation.
- Analysts suggest $2.40 as a downside target but see a breakout above $3.10 leading to substantial upward momentum.
Peter Schiff has raised concerns over the inclusion of XRP in Donald Trump’s newly announced Crypto Reserve. The economist acknowledged Bitcoin’s comparison to digital gold but questioned the necessity of XRP’s involvement. Schiff stated,
I get the rationale for a Bitcoin reserve. I don’t agree with it, but I get it. We have a gold reserve. Bitcoin is digital gold, which is better than analog gold. So let’s create a Bitcoin reserve too. But what’s the rationale for an XRP reserve? Why the hell would we need that?
Hoskinson Responds to Schiff’s Skepticism
Charles Hoskinson, Cardano’s founder, responded with a strong defense of XRP. He described it as a robust technology that has survived multiple market cycles.
According to Hoskinson, XRP remains a global standard and has one of the strongest communities in the crypto market. He expressed confidence in the president’s decision, stating,
Because XRP is great technology, a global standard, survived for a decade through many harsh cycles, and has one of the strongest communities. I think the president made the right decision.
Ripple CTO and Legal Experts React
Hoskinson’s comments had reactions from key figures, including Ripple CTO David Schwartz. Expressing disbelief, Schwartz sarcastically asked whether he was dreaming. Hoskinson clarified his stance, stating that he gained respect for XRP after analyzing its code and protocol during the Glacier Drop development.
Am I dreaming?! https://t.co/MZ8wSwMCJt
— David "JoelKatz" Schwartz (@JoelKatz) March 2, 2025
Schwartz acknowledged Hoskinson’s perspective and commended his work on privacy focused technology. He remarked on the challenges of working in an area where regulatory clarity is still uncertain.
Legal expert Bill Morgan also reacted positively to Hoskinson’s comments, emphasizing the legal clarity surrounding XRP. He pointed out that a court ruling had confirmed XRP was not classified as a security, reinforcing its legitimacy in the market.
Market Performance and Technical Analysis
XRP’s price movement had high volatility following the discussion. The token has surged by 14.77%, closing at $2.59 in the past 24 hours. XRP has a high of $2.9676 and a low of $2.5540.
Trading volume reached 252.88M XRP, suggesting increased market activity. Bollinger Bands indicate that XRP touched the upper band at $2.9690 before retracing sharply. The lower band is at $2.0793, while the middle band is at $2.5241.
The price pullback suggests cooling after an overbought phase, but market volatility is strong. The Accumulation/Distribution (A/D) Line is at 74.12B, indicating consistent accumulation. Despite the price drop, no significant decline in A/D suggests that institutional investors are holding their positions.
Key support is at $2.50, an important psychological and technical level. Resistance at $3 is a major hurdle. If XRP maintains support above $2.50, buyers may attempt a push toward $2.80. A confirmed breakout above $3 could lead to FOMO driven buying.
Crypto analyst Ali weighed in on the discussion on XRP, hinting at a bullish outlook. He suggested that it might be an opportune time to go all in on XRP and responded to Schiff’s skepticism by implying that Schiff had finally conceded to the potential of XRP.
This guy finally capitulated! https://t.co/X3gwVDV7hu
— Ali (@ali_charts) March 2, 2025
Egrag Crypto provided insights on XRP’s movement. He stressed the importance of maintaining support above $2.60 while considering $2.40 as a potential downside target. If XRP manages to close above $3.10 with confirmation, he believes it could lead to a substantial upward movement.
