YEREVAN (CoinChapter.com) — Michael Saylor, co-founder of MicroStrategy, has unexpectedly supported a multi-token cryptocurrency reserve that includes XRP. In a recent interview with CNBC’s Sara Eisen, he stated that such a reserve is “bullish” for Bitcoin and the wider crypto industry.
This marks a major shift from his earlier stance, where he dismissed altcoins and emphasized Bitcoin maximalism. Saylor now describes this strategy as a progressive approach to digital assets.
Saylor’s Previous Stance on XRP
In 2022, Saylor called XRP an unregistered security and urged the SEC to take action against it. He previously argued that Bitcoin was the only legitimate cryptocurrency and dismissed altcoins.
His new support for a multi-token reserve has led to criticism from industry figures. Some have pointed out the contrast between his past statements and his current stance.
XRP Gains Role in Strategic Crypto Reserve
A multi-token reserve featuring XRP, Cardano (ADA), and other tokens has sparked mixed reactions. Some view it as a sign of crypto diversification, while others believe it shifts focus from more pressing regulatory concerns. Jake Chervinsky, Variant CLO, commented,
“This is a distraction from the real work that must be done on stablecoin and market structure legislation.”
XRP Trading Activity Surges on Canadian Exchange
Following the reserve announcement, XRP trading volume on WonderFi, a leading Canadian crypto exchange, increased by 37%. The exchange noted that XRP could become a staple for investors, similar to Bitcoin. The trading surge reflects growing interest in the token despite ongoing discussions around its regulatory status.
XRP Price Volatility After Reserve Announcement
After the announcement, XRP’s price surged to a multi-week high of $2.9. However, it later dropped 14%, settling at $2.5 on TradingView.
The price movement reflects market uncertainty, with some traders securing profits while others wait for further developments. As discussions around a multi-token reserve continue, industry participants are watching how institutions respond to Saylor’s position on XRP.
Ripple Unlocks 1 Billion XRP Amid Crypto Reserve Controversy
Ripple released 1 billion XRP tokens from escrow on March 3, following the confirmation of XRP as part of a U.S. multi-token cryptocurrency reserve. Data from Whale Alert revealed that 500 million tokens were transferred from an unknown wallet, while another 500 million remained in escrow.
Ripple follows a monthly release schedule set in 2017, with its Q4 report confirming that the company holds over 38 billion XRP tokens and 4.5 billion in direct reserves.